GST tax claim: The deadline for claiming any outstanding input tax credit (ITC) or correcting errors or omissions per Goods and Services Tax (GST) regulations for the financial year 2023-24 is November 30, 2024. Failure to meet this deadline may result in the forfeiture of ITC benefits for the said financial year under the GST framework if there are any pending claims.
This could lead to financial loss for taxpayers as they would be unable to offset their output GST liability with the input tax credit. Specific GST forms are available for claiming outstanding ITC and rectifying compliance errors or omissions under the GST system.
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GST-registered taxpayers are required to utilise the GSTR 3B form to claim any outstanding input tax credit, while the GSTR 1 form is to be used for rectifying errors or omissions.
The deadline for filing GSTR 3B return was originally set for November 20, 2024, and the deadline for GSTR 1 was November 11, 2024. However, both GST returns can still be submitted with a late fee until November 30, 2024.
Taxpayers registered in Manipur have been granted an extension. They now have until November 30, 2024, to file GSTR 3B without incurring any penalties or late fees.
As per Finance ministry’s guidelines, a registered individual is not permitted to claim input tax credit for any invoice or debit note related to the supply of goods or services after the thirtieth day of November in the financial year.
“A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the thirtieth day of November following the end of financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier,” the notification said.
According to section 16(4) of the CGST Act, 2017, the deadline to claim any outstanding Input Tax Credit (ITC) on invoices related to the financial year 2023-24 is:
November 30, 2024, for invoices pertaining to the financial year 2023-24.
December 31, 2024, or the date of filing the annual return for the financial year 2023-24, whichever comes first.
The deadline to claim input tax credit for invoice(s) related to FY 2023-24 is the last date to file the GSTR 3B return for October 2024, which falls on November 20, 2024. It is important to note that input tax credit can only be availed through the GSTR 3B return.
Taxpayers have the option to submit their GSTR 3B return after the deadline until November 30, 2024, subject to late fees and interest for delayed tax payments. As a result, the input tax credit for the FY 2023-24 must be claimed by November 30, 2024, rather than the previously extended deadline of December 31, 2024.