ITC credit allowed.. now upto 30 November of next year ( Budget 2022 )

ITC credit allowed.. now upto 30 November of next year ( Budget 2022 )

ITC credit allowed.. now upto 30 November of next year ( Budget 2022 )

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.

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