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Adj.of output tax against input tax
Sir, for any financial year, if any outward supplies are missed out/ omitted, then such supplies are required to be reported on or before 30-11 of the subsequent financial year. In this situation, if I adjust credit available during the subsequent year up to October against the tax payable towards the missing/omitted invoices for the previous year, then, is there violation of section 37(3) of CGST Act ? However, interest is taken care.
Replies (1)
You are permitted to report omitted outward supplies from a previous financial year in a subsequent return, provided you do so by the November 30th deadline (or the annual return filing date, whichever is earlier). Using available ITC to discharge this liability is permissible, but ensure you also account for any applicable interest due to the delay in payment.
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