Unclaimed ITC 30/08/2018, by JAKS

Unclaimed ITC of GST for FY 2017-18 (FAQ)

Yes; you can claim eligible ITC of a tax invoice, debit note for the supply of
goods or services for the FY 2017-18 before:-

1. the due date of filing the return for September month of the next
financial year, i.e. 20th October 2018
2. the filing of the annual return of GST for the Financial Year
2017-18, i.e. 31st December 2018,
Whichever is earlier.

Example: If a taxpayer forgets to claim ITC concerning a purchase invoice
dated 28th Nov 2017, then in such case he can claim ITC concerning this
invoice, any time before the filing of the annual return or filing any return on or
before the return of September month. It is to be noted that this credit can be
claimed in any return but before filing September month’s return, As Annual
return is not yet made available.
Reference: Sec 16(4) of the CGST Act.

2. What if the taxpayer does not claim the ITC even up to filing September month’s Return?

If the taxpayer has not claimed the unclaimed ITC for the period July 2017 to
March 2018 up to the due date of filing of the return of September 2018,
then it would lapse, i.e. it cannot be claimed. After the return of September
2018 has been filed, the taxpayer would not be able to claim this ITC in any
of the return filed afterward.

3. What should the taxpayer do before filing the September month’s return concerning unclaimed ITC?

1. The taxpayer needs to reconcile the Books of accounts and returns
uploaded to the GST portal, for the financial year 2017-18.
2. Also, the taxpayer should download and match GSTR 2A for the relevant
period with their books of accounts to find out unclaimed credit if any.
3. Discrepancies if any may be adjusted in return filed before September
2018 or in the September 2018 return.

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