Last Chance for GST adjustments for year 2021-22 – September, October or November?

Under the GST regime in India, taxpayers are allowed to make adjustments to their input tax credit (ITC) for a particular financial year until the due date for filing the GSTR-3B return for the month of September of the following financial year.

For example, for the financial year 2021-22, the last date to claim ITC adjustments would be the due date for filing the GSTR-3B return for the month of September 2022, which is 20th October 2022.

However, it is important to note that any ITC claimed must be supported by valid tax invoices or other prescribed documents. Additionally, the ITC claimed must be eligible as per the provisions of the GST law.

Therefore, taxpayers who have not yet claimed ITC adjustments for the financial year 2021-22 should do so by the due date for filing the GSTR-3B return for the month of September 2022, which is the last chance to claim such adjustments for the financial year 2021-22. It is recommended that taxpayers review their records and ensure that all eligible ITC has been claimed before the deadline to avoid any issues with compliance and penalties.

FAQs

Q: Can I claim ITC adjustments for the financial year 2021-22 after the due date for filing the GSTR-3B return for the month of September 2022?

A: No, you cannot claim ITC adjustments for the financial year 2021-22 after the due date for filing the GSTR-3B return for the month of September 2022, which is the last chance to claim such adjustments. It is important to ensure that all eligible ITC has been claimed before the deadline to avoid any issues with compliance and penalties.

Q: Can I carry forward any unclaimed ITC from the financial year 2021-22 to the next financial year?

A: No, any unclaimed ITC from the financial year 2021-22 cannot be carried forward to the next financial year. It is important to claim all eligible ITC before the deadline to avoid any losses.

Q: What are the consequences of not claiming eligible ITC by the due date for filing the GSTR-3B return for the month of September 2022?

A: Failure to claim eligible ITC by the due date for filing the GSTR-3B return for the month of September 2022 can result in the loss of the ITC. Additionally, it can lead to penalties and interest charges for non-compliance with the GST law.

Q: How can I ensure that I have claimed all eligible ITC for the financial year 2021-22?

A: To ensure that you have claimed all eligible ITC for the financial year 2021-22, you should review your records and invoices to ensure that all purchases and expenses have been accounted for. Additionally, you should ensure that the ITC claimed is eligible as per the provisions of the GST law.

Q: Can I claim ITC for purchases made before my registration under GST?

A: No, you cannot claim ITC for purchases made before your registration under GST. You can only claim ITC for purchases made after your registration under GST, subject to certain conditions.