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03
January 2019
 |
GST
(The Total Investment & Insurance Solutions)
The Finance Ministry has allowed businesses
to claim input tax credit benefit for the first financial year of Goods and
Services Tax roll out, till March 2019, provided it matches with the return
filed by their suppliers. The deadline for claiming input tax credit (ITC NSE
-0.62 % ) ended on October 25, 2018. Tax experts said that ITC claims were
allowed to businesses earlier provided businesses had generated invoice, paid
taxes and filed returns. However, in the recent order the CBIC has mandated
that ITC claims would have to be matched with GSTR-2A. GSTR-2A is
auto-generated by the systems based on sales returns filed by suppliers. The
Central Board of Indirect Taxes and Customs (CBIC) through a gazette
notification issued an order stating that ITC claims for the maiden year of
Goods and Services Tax (GST) roll out (July 2017 to March 2018) will be allowed
till March 31, 2019.The Total
Investment & Insurance Solutions
GST was rolled out from July 1, 2017.
Besides, the CBIC has also allowed businesses to correct any error or omission
in filing of final sales return or GSTR-1 for the period July 2017-March 2018.
Now businesses can correct the errors in the returns to be filed for
January-March 2019.
AMRG & Associates Partner Rajat Mohan
said "this relaxation would find favour with millions of taxpayers who
would collectively claim tax credit worth billions of rupees. This respite
together with recent rationalisation of tax rates is expected to mark a dent in
tax collection of next 3 months". JD DRR
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