MAXIMUM TIME LIMIT FOR CLAIMING INPUT TAX CREDIT FOR FY 2022-23

The maximum time limit to avail Input Tax Credit (ITC) for the financial year 20222-23 is 30th September 2023 as prescribed by the legal provisions under GST Law as follows:

Before the amendment made in Section 16(4) of the Central Goods and Services Tax Act, 2017 (CGST Act, 2017), the last date to avail ITC was the due date of furnishing the return under section 39 for the month of September following the end of the financial year to which the invoice or debit note pertains or the furnishing of the relevant annual return, whichever is earlier.

However, after the amendment made in Section 16(4) through the Finance Act, 2022, the last date to avail ITC for the invoices of a particular financial year is the 30th day of November following the end of the financial year to which the invoice or debit note pertains or the filing of the relevant annual return, whichever is earlier.

Section 44 of the CGST Act, 2017 requires every registered person (other than specific categories mentioned in the section) to furnish an annual return reconciling the value of supplies declared in the return furnished for the financial year .For the financial year 2022-23 it will be 31st December 2023. The specific time limit for filing this annual return is prescribed by the government and may vary.

In summary, for the financial year 2022-23:

• The last date to avail ITC for invoices is the 30th of November following the end of the financial year (i.e., November 30, 2023), or the filing of the relevant annual return under Section 44, whichever is earlier.

• The specific due date for filing the annual return under Section 44 is 31st December subsequent to the end of the financial year. For the financial year 2022-23 it will be 31st Decebmer 2023. However it should be checked with the government notifications and guidelines issued from time to time in this regards.