GST: CBIC Extends Last Date for filing of ITC

The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for claiming input tax credit (ITC) for FY22 from 20 October to 30 November. Additionally, the deadline for submitting credit notes and declarations for FY22 has been extended until November 30.

However, recipients’ ITC might be disallowed if the GSTR-1 (monthly Statement of Outward Supplies) and 3B (a month-based summary return indicating GST liabilities) or GSTR-2B (an auto-drafted ITC statement) and 3B (a month-based summary return showing GST liabilities) of suppliers do not match. A registered person’s GST registration may be revoked if he or she fails to file returns for a continuous tax period instead of a continuous period of six months.

If the receiver claims an ITC that has not been lodged by the provider, he is obligated to pay an identical amount by debit, plus any relevant interest. If the seller pays GST, the receiver may reclaim the corresponding ITC.

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