ITC: Deadline to record Input Tax Credit is 30th Nov

The State Department of Goods and Services Tax (GST) has set November 30 as the deadline for registering input tax credits for 2022-23 and correcting any errors in tax files.

The details of sales and proceeds that have been left out inadvertently, as well as any necessary changes to those that have previously been disclosed, should be completed by November 30, according to the agency.

All taxpayers who file their returns using the GSTR-3B form should claim the total input tax credit for 2022-23 and ensure the reversal of any ineligible input tax credit using the GSTR-3B form’s 4B (1) table.

Because the appropriate disclosure of integrated input tax credit is crucial for the state’s revenue, the state GST commissioner advised professionals and traders to exercise caution in this area.

Those who entered the input tax credit details in the 4B (2) table instead of the 4B (1) table in previous returns should contact the district-level joint commissioner of the taxpayer service division or the GST intelligence wing at the district level before filing their October returns, according to the GST department.