Missed any GST Input Tax Credit Benefit of FY 2017-18? Claim Now!

GST Input tax credit benefit is important for operating cost of every business and many have missed GST input tax credit on various inputs of FY 2017-18.

GST law was implemented from July 1, 2017. FY 2017-18 being the first year of implementation, many companies/businesses missed out on genuine GST input credit benefits available to them under this law.

BUT all those who have missed such genuine GST input credit; can still take the GST benefits of FY 2017-18.

As per Section 16(4) of CGST Act, 2017, every GST registered entity can take the input benefit pertaining to previous financial year upto October 20 of next financial year.

Considering the time left, businesses shall not miss this opportunity. Ask your consultants/accountants to reconcile their books of accounts and identify if any GST input credit benefit has been missed.

Use GSTR 2A as your first step of reconciliation. GST input tax credit for bills in your name are available in GSTR 2A return online on GST portal. You should reconcile whether all the credits appearing in GSTR 2A is eligible for input benefit and if yes, whether you have taken the credit benefit or not.

Remember, not all your credits must be available in GSTR 2A as it completely depends on your vendor’s GST compliance. So be careful and do not use this tool only. Rather, if you find any credit which is not visible in GSTR 2A, chase your vendor for compliance.

Such missed GST input tax credits shall be accumulated and accounted for in the return of September month itself. The GST input tax credit of FY 2017-18 availed in FY 2018-19 will have to be specifically mentioned in the annual return.