{"id":3264,"date":"2018-10-19T05:17:51","date_gmt":"2018-10-19T05:17:51","guid":{"rendered":"https:\/\/www.gsthelplineindia.com\/blog\/?p=3264"},"modified":"2018-10-22T05:51:14","modified_gmt":"2018-10-22T05:51:14","slug":"not-extend-deadline-itc","status":"publish","type":"post","link":"https:\/\/www.gsthelplineindia.com\/blog\/2018\/10\/19\/not-extend-deadline-itc\/","title":{"rendered":"FinMin Not Extend Deadline of ITC | File Before 20 October"},"content":{"rendered":"

Indian companies have been facing issues regarding how to claim hundred of crores of input tax credit for the previous financial year under the new Indirect Tax Regime. Furthemore, there are chances that companies might lost it if they haven\u2019t justify the claim with vendor returns.<\/p>\n

The last date for claiming input tax credit is October 20, while vendors can file the sales returns until 31st October. A difficult situation has arrived with this, as vendors would not be able to reconcile the returns.<\/p>\n

Industry associations have requested to the government to extend the deadline for claiming input tax credit.<\/p>\n

Industry body Assocham stated to the finance ministry, \u201cIn the event the tax authorities insist on disallowing input tax credit based on a cut-off date referenced to filing of GSTR-3B<\/a>, taxpayers will be denied the opportunity of availing input tax credit to which they are rightly entitled to as per the provisions of the Act.\u201d<\/p>\n

Industry authorities and other major bodies such as CII has requested to the government to look into the matter.<\/p>\n

The GST came into existence in July 2017 which eliminates multiple state as well as central levies and the Indian government has established a concept of matching input tax credit claim<\/a>.<\/p>\n

To claim input tax credit on GSTN portal, a buyer is entitled to reconcile input tax credit claimed with tax paid by the supplier in returns.<\/p>\n

Due to some technical issues, online matching kept on hold for some period of time and taxpayers were permitted to claim provisional credit on self-declaration basis in GSTR-3B or monthly summary return.<\/p>\n

Most of the businesses don\u2019t have the habit to keep with themselves reconciliation of input tax credit provisionally claimed.<\/p>\n

Read Also:<\/strong>\u00a0Finance Ministry Says Need Not To Furnish Purchase Details in GSTR 4<\/a><\/p>\n

Various cases came in front where the supplier is not filing the monthly returns<\/strong> but the buyer is claiming for input tax credit.<\/p>\n

Under the GST law, it is clearly mentioned that the buyer would not be entitled for claiming the input tax credit whenever the supplier haven\u2019t paid taxes to the government.<\/p>\n","protected":false},"excerpt":{"rendered":"

Indian companies have been facing issues regarding how to claim hundred of crores of input tax credit for the previous financial year under the new Indirect Tax Regime. Furthemore, there are chances that companies might lost it if they haven\u2019t justify the claim with vendor returns. The last date for claiming input tax credit is … <\/p>\n

Continue reading “FinMin Not Extend Deadline of ITC | File Before 20 October”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"\nFinMin Not Extend Deadline of ITC | File Before 20 October<\/title>\n<meta name=\"description\" content=\"The last date for claiming input tax credit is October 20, while vendors can file the sales returns until 31st October.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gsthelplineindia.com\/blog\/2018\/10\/19\/not-extend-deadline-itc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin Not Extend Deadline of ITC | File Before 20 October\" \/>\n<meta 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