CBIC allows businesses to correct error or omission in filing final sales return, ITC benefit

New Delhi, Jan 4 (KNN) In its latest order, Central Board of Indirect Taxes (CBIC) has 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.

Also, it has allowed the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019, provided that ITC claims matches with the return filed by their suppliers.

In a notification, CBIC said "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."

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