Maximum availment of Input Tax Credit (ITC)

Presently, the mechanism of claiming Input Tax Credit (ITC) is a self assessment basis. That is the registered person furnishes the ITC amount in table no. 4 of FORM GSTR 3B based on his own working and claims the credit.. The ITC arrived is not matched with GSTR-2A detail. GSTR-2A is a invoice wise listing which is a replica of the outward supplies uploaded by various vendors who had supplied taxable goods to the registered buyer. In an organization where there are thousands of transactions there are chances that ITC on some inward supplies may be missed out to be claimed. In order to ensure that all the eligible ITC are claimed the matching of the ITC with the invoices populated in GSTR-2A is essential to be carried out.

The due date for claiming ITC pertaining to invoices of F.Y.2017-18 is 20.04.2019 i.e. the due date of filing of GSTR-3B of March, 2019 as per Order No. 02/2018-Central Tax dated 31.12.2018. Thus the window is available to the registered person to ensure that eligible ITC is not missed out by carrying out offline invoice matching activity.