Extended timelines for claiming ITC applicable for FY 2021-22 onwards: Clarifies CBIC

The Central Government designated October 1, 2022 as the day on which the provisions of sections 100 to 114 of the Finance Act, 2022, with the exception of clause (c) of sections 110 and 111, shall take effect in Notification No. 18/2022-Central Tax dated 28.09.2022.

Thereby, the time limit for the following compliances in respect of a particular financial year has been extended and fixed as 30th November of the next financial year, or furnishing of the relevant annual return, whichever is earlier.

Doubts have been raised whether the said extended timelines are applicable in respect of compliances for FY 2022-23 onwards or whether the same are also applicable to the compliances for FY 2021-22. Doubts have also been raised whether the timelines for the said compliances stand extended to the date of filing/ furnishing of the return/ statement for the month of November 2022 or the said compliances can be carried out in a return or the statement filed/ furnished upto 30^th November 2022.

In this regard, it is clarified that the extended timelines for compliances listed in para 2 are applicable to the compliances for FY 2021-22 onwards. It is further clarified that the said compliances in respect of a financial year can be carried out in the relevant return or the statement filed/ furnished upto 30^th November of the next financial year, or the date of furnishing annual return for the said financial year, which ever is earlier. It is also clarified that no  extension of due date of filing monthly return/ statement for the month of October (due in November) or the due date of filing quarterly return/ statement for the quarter ending September has been made vide the amendments in CGST Act, 2017 notified through Notification No. 18/2022-Central Tax dated 28.09.2022.