Three Weeks Left For Firms To Correct GST Compliance And Claim Pending ITC

ENA Sectors 2024-11-11 18:14:34 New Delhi, Nov 11 (KNN) Businesses across India are facing a critical deadline as less than three weeks remain to claim pending Input Tax Credit (ITC) and rectify errors under the Goods and Services Tax (GST) regime. The November 30 cutoff marks the final opportunity for companies to address compliance issues for the previous financial year, according to tax experts. Under the Central GST Law 2017, registered entities must claim input tax credits for invoices or debit notes before November 30 following the end of the financial year, or prior to filing the annual return, whichever comes first. These adjustments can be made through either GSTR 1/GSTR 3B returns for October or annual returns via GSTR 9 or GSTR 9C. While monthly GSTR 1 returns are due on Monday and GSTR 3B returns by November 20, both can be submitted until November 30 with applicable late fees. Although the annual return deadline for FY24 extends to December 31, the statutory provision designates November 30 as the effective deadline for GST compliance corrections. A significant circular issued on October 15 introduces new provisions regarding pending ITC claims and GST compliance corrections. The circular clarifies that in cases where investigations into improper ITC claims are ongoing but no demand notice has been issued, ITC can be claimed based on proper officer orders. For cases with existing demand notices, the Adjudicating Authority will consider recent legal amendments while passing orders, with the same principle applying to appeals. (KNN Bureau) 39878 https://knnindia.co.in/news/newsdetails/sectors/three-weeks-left-for-firms-to-correct-gst-compliance-and-claim-pending-itc 2024-11-11 18:14:34 knnindia.co.in Three Weeks Left For Firms To Correct GST Compliance And Claim Pending ITC