Know the new due date for claiming ITC for FY 21-22! No its not 30th Nov

As we know that GOI has now notified sections 100 to 114 of the Finance Act 2022. With notification of Section 100, the due date for claiming Input Tax credit (ITC) now stands as “thirtieth day of November”.

Finance Act provisions of sections 100 to 114 related to GST notified w.e.f. 1st Oct 2022.

Section 100 of Finance Act 2022

100. Amendment of section 16: In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 16,-

(a) in sub-section (2),–

(i) after clause (b), the following clause shall be inserted, namely:–

(ba) the details of input tax credit in respect of the said supply communicated to such registered person under section 38 has not been restricted;

(ii) in clause (c), the words, figures and letter “or section 43A” shall be omitted;

(b) in sub-section (4), for the words and figures “due date of furnishing of the return under section 39 for the month of September”, the words “thirtieth day of November” shall be substituted.

Relevant Provision of Section 16 of CGST Act 2022

Section 16(4) A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the [thirtieth day of November] following the end of financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier.

How can we claim ITC?

Now ITC can be claimed by Filing GSTR-3B Return. GSTR-3B for the month of Oct 2022 can be filed up to the 20th of November (For Non-QRMP Taxpayers).

Now ITC for FY 21-22 can be claimed up to 30th Nov 2022, but GSTR-3B can be filed up to 20th Nov. So we can claim ITC by Delaying the Return by 10 Days.

Now What About QRMP Taxpayers?

Due Date for Filing GSTR-3B for the Quarter Ending September is 22nd/24th Oct and the Quarter ending December is 22nd/24th January.

Now ITC for FY 21-22 can be claimed up to 30th Nov 2022, but GSTR-3B has to be filed up to 22nd/24th Oct. So we can claim ITC by Delaying the Return by more than One Month.

Again Delaying Return means levy of Late Fees and Interest. Taxpayers are requested to weigh their options judiciously before taking any decision.