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Y Ltd received an invoice dated 15 March 2024 with GST of Rs 18,000. Y Ltd. forgot to claim the ITC for FY 2023-24 in any GSTR-3B. By when is the LAST date to claim this ITC?
A31 March 2025
B30 November 2024 OR the date of filing the annual return for FY 2023-24, whichever is EARLIER
C30 September 2024
DIt is permanently lost
Answer & Solution
Correct answer: B. 30 November 2024 OR the date of filing the annual return for FY 2023-24, whichever is EARLIER
1. Sec 16(4) (post-01.10.2022 amendment): ITC for an invoice/debit note of a financial year can be claimed up to the EARLIER of:
2. (a) 30th November following the end of that FY, OR
3. (b) The date of filing the annual return for that FY. For FY 2023-24, 30 Nov 2024 (or annual return date if earlier) is the cut-off.
_Source: ICAI BoS CA Final Paper 8, Ch 6 "Input Tax Credit", §Sec 16(4)_
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