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Question on ITC

22 April 2023

Hi,

I had an ITC of 3200 approx on April 2022 which I forgot to account for when I paid my GST each quarter. Can I account this ITC and adjust my GST payable in the coming quarter of June 2023?

Regards

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3 Replies

Sandeep Jain (Pivate) (1469 Points)
Replied 22 April 2023

Yes you can adust with output Liability.

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Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 22 April 2023

Yes you can.
ITC in credit ledger never get lapsed & cam be adjusted against output tax liability in future as there is no limit to adjust the same.

ashish (ca) (82 Points)
Replied 22 April 2023

According to the GST law, the Input Tax Credit (ITC) for a particular tax period can be claimed up to the due date of filing the GST return for September of the following year or before filing the annual return for that year, whichever is earlier.

In your case, if you forgot to account for the ITC of approximately 3200 in April 2022, you can still claim it in your subsequent GST returns for the relevant period. Since you missed to claim it in your earlier returns, you can adjust this ITC in your upcoming GST returns for the tax period during which the ITC was available to you.