Budget 2022 : Now 240 days … given ( upto 30th November of next year )…. for the missing ITC of last year
GST Good News : Amendment in GST Acts
Section 16(4) the CGST Act is being amended so as to provide
for an extended time for availment of input tax credit by a registered person
in respect of any invoice or debit note pertaining to a financial year upto thirtieth day of November of the following financial year.
Earlier we had time only till 30-September
It was found insufficient by many. So, thank god for small mercies…. again..
Try to do GSTR-2A reconciliation every month.
If you dont, how will you ever know, which vendor has not deposited his GST
and a side benefit
You will also come to know of the Invoices made / Debit Notes made by others… and not recorded in your books till now.
Investigate them
check them
get their bills. Get approval from management / Purchase Order approval etc
finally, This way you will get to know the missing entries faster. and get those offered ITC.
Our attempt has been to make it simple, and easy to understand for MSME’s. especially our members and clients.
So, for sake of brevity, we have excluded the “detailed legal language” and made it a bit user friendly.
Finsys and MLG , in the service of the Indian Businesses. Worldwide.
