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Finance Ministry allows businesses to claim GST input credit benefit for FY'18 till Mar 2019

3 January, 2019 10:45 AM
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Finance Ministry allows businesses to claim GST input credit benefit for FY'18 till Mar 2019

The Finance Ministry has allowed businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019, provided it matches with the return filed by their suppliers. The deadline for claiming input tax credit (ITC) ended on October 25, 2018.

Tax experts said that ITC claims were allowed to businesses earlier provided businesses had generated invoice, paid taxes and filed returns. However, in the recent order the CBIC has mandated that ITC claims would have to be matched with GSTR-2A.

GSTR-2A is auto-generated by the systems based on sales returns filed by suppliers.

The Central Board of Indirect Taxes and Customs (CBIC) through a gazette notification issued an order stating that 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.

Source: moneycontrol.com

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