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FinMin allows businesses to claim GST input credit benefit for FY'18 till March 2019

The deadline for claiming input tax credit (ITC) ended on October 25, 2018.

FinMin allows businesses to claim GST input credit benefit for FY'18 till March 2019

New : The Finance Ministry has extended the deadline for claiming input tax credit (ITC) for the first financial year of Goods and Services Tax (GST) roll out, till March 2019, provided it matches with the return filed by their suppliers. Earlier the deadline for claiming input tax credit (ITC) ended on October 25, 2018.

GST was rolled out from July 1, 2017.

Tax experts said that 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.

GSTR-2A is auto-generated by the systems based on sales returns filed by suppliers.

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 Goods and Services Tax (GST) roll out (July 2017 to March 2018) will be allowed till March 31, 2019.

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.

The GSTR 9, GSTR 9A and GSTR 9B are to be filed by taxpayers under composition scheme, regular taxpayers and e-commerce operators.

The government earlier extended the deadline for filing annual GST returns until March 31.