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AK New Delhi (manager)     08 August 2022

Gstr 1 filed after annual cutoff date

By clerical error we filed quarterly GSTR1 almost 5 years late (filed in May2022) due to which our buyer is not receiving ITC for the 3rd quarter, 2017. What needs to be done so that the buyer receives the ITC credit? How can this issue be resolved?



Learning

 3 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     08 August 2022

Time limit to claim an input tax credit under GST

The time limit to claim ITC against an invoice or debit note is earlier of two dates, given below: 

  • The due date for filing GST returns for September of the next financial year.
  • The date of filing the annual returns in form GSTR-9 relating to that financial year. 

For instance,  XY Corp, a buyer with a purchase invoice dated 8th December 2021 (FY 2021-22), wants to claim GST paid on that purchase. As per the criteria laid down to find out the time limit, the two dates are as follows: 

  • The due date of filing GST return for September 2022 (belonging to FY
    2022-23) is 20th October 2022**.
  • The date of filing GST annual return for FY 2021-22 is 31st December 2022. 

The earlier of the two is the date up till when the XY Corp can claim ITC of FY 2021-22. Therefore, the last date is 20th October 2022 and XY Corp can claim this ITC in any of the tax periods between April 2021 to September 2022. 

AK New Delhi (manager)     09 August 2022

Sir thank you for your valuable input. You have explained extremely well.
Just to discuss my particular case I would like to inform you that the Input tax credit was availed by our buyer in the year 2017 itself. The only issue is that the GSTR-1  return was filed late by us against that period (ie. 2017) on 24th may 2022. I want to know whether this would now affect the financials of our buyer in anyway?

Divya jain   05 January 2023

Income Tax Audit for <a href="https://cadivya.com/"  >Filing LLP Annual Return</a> is mandatory for the companies to file the income tax return above turnover of one crore income annually.


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