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04-Jan2019

CBIC allows businesses to claim GST ITC benefit for FY18 till March 2019

In major relief to businesses, the Finance Ministry has decided to allow them to claim input tax credit (ITC) benefit till March 2019 for the first financial year (FY18) of Goods and Services Tax (GST) roll out. The ministry has allowed this provided it matches with the return filed by their suppliers. The deadline for claiming ITC ended on October 25, 2018.

The Central Board of Indirect Taxes and Customs (CBIC) through a gazette notification issued an order stating that ITC claims for the maiden year of GST roll out (July 2017 to March 2018) will be allowed till March 31, 2019. GST was rolled out from July 01, 2017.

Besides, the CBIC has also allowed businesses to correct any error or omission in filing of final sales return or GSTR-1 for the period July 2017-March 2018. Now businesses can correct the errors in the returns to be filed for January-March 2019.

ITC claims were allowed to businesses earlier provided businesses had generated invoice, paid taxes and filed returns. However, in the recent order the CBIC has mandated that ITC claims would have to be matched with GSTR-2A, which is auto-generated by the systems based on sales returns filed by suppliers.


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