It's good news for businesses as the Finance Ministry has extended the deadline for claiming input tax credit (ITC) for the financial year 2017-18
It’s good news for businesses as the Finance Ministry has extended the deadline for claiming input tax credit (ITC) for the financial year 2017-18, the first financial year of the GST rollout, to March 2019. Earlier, the deadline for claiming ITC was October 25, 2018.
ITC claims were allowed to businesses that had generated invoice, filed returns, and paid tax but now the recent order has mandated that the claims would have to be matched with GSTR-2A, news agency PTI reported. GSTR-2A is an auto-generated system used by suppliers to file sales returns.
Earlier, the government also extended the deadline for filing annual GST returns by 90 days until March 31. The GSTR 9, GSTR 9A and GSTR 9B are to be filed by taxpayers under composition scheme, regular taxpayers and electronic commerce operators.
The registered taxpayers will be providing details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal in a consolidated manner.
The annual return form for normal taxpayers has been divided into six parts with 19 tables which includes detailed information related to outward supplies, inward supplies, ITC availed, ITC reversed, ineligible ITC, particulars of demand and refund, HSN summary of outward supplies and HSN summary of inward supplies of the transactions declared in returns filed during the financial year ending March 2018.
Form GSTR 9 is a consolidated form for monthly or quarterly GST returns, while GSTR 9C is an additional form to be filed by the taxable person whose turnover exceeds the threshold of Rs 2 crore. Meanwhile, the government has also said that it is planning to roll-out the new and simplified single GST returns form from April 1.