Central Board of Indirect Taxes and Customs (CBIC) has postponed the due date to avail the ITC for FY22 from October 20 to November 30, the same is decided towards the relief of the Goods and Services assessees during the festival season.
The last date to provide the credit notes along with the declaration in the returns for FY22 would be postponed to 30th November.
However, the recipient’s input tax credit could be refused because of the mismatch in the GSTR-1 and 3B (a month-based summary return showing GST liabilities) or GSTR-2B (an auto-drafted ITC statement) and 3B of suppliers.
If the individual does not file the return for a successive tax period as may be defined, for instance, a successive 6 months duration then his GST registration might get cancelled.
When these GST ITC has been claimed by the recipient which the supplier doesn’t have furnished then he would be authorized to pay the equal amount through the debit including the levied interest.
the recipient might again claim for ITC if the supplier furnishes the GST payment.
“These changes as per the notification would be effective from October 1, 2022.”
“The applicability of these changes to the compliances for FY22 would need to be analysed in detail.”
“In case the said changes are effective for FY22 it will provide significant relief to the industry,”
The above changes are introduced by the central tax notification number 19/2022. Also, the notification consists of several other tax amendments.
