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Wednesday, September 11, 2019

Some Important due dates for financial year 2018-19 in GST

The due date for availing Input Tax Credit (ITC) and rectification of any errors or omission in disclosures made in returns, pertaining to F.Y.2018-19:


Some important due dates for the FY 2018-19:


I) As per act section 37(3) of the CGST Act, any amendments to the disclosures made in the returns or disclosure of additional details, pertaining to FY 2018-19 would have to be done by:
  • The due date of filing of the return for the month of September 2019 i.e. 20th of Oct 2019, or
  • The date of furnishing of the annual return for FY 2018-19, whichever is earlier.

II) As per section 34(2) of the CGST Act, any adjustments by way of a credit note in respect of a supply made during FY 2018-19 can be disclosed in a return filed up to:
  • 30th Sep 2019, or
  • The date of furnishing of the annual return for FY 2018-19, whichever is earlier.

III) In terms of section 16 (4) of the CGST Act, 2017, the due date for availing input tax credit (ITC) in respect of any invoice or debit note pertaining to Financial Year 2018-19 would be earliest of the following:
  • The due date of furnishing of the return for the month of September 2019 i.e. 20th of Oct`2019, or
  • The date of furnishing of the annual return for FY 2018-19.


IV)   Credit re-computation in terms of rule 42 and 43 (in case of the construction industry) of the CGST Rules, 2017 for businesses making taxable and exempt supplies. Comparison of the credit availed during FY 2018-19 with the recomputed credit to identify any credit reversals or availment required. For the FY 2018-19, this is to be done by the due date of Sep 2019 return i.e. 20th Oct 2019.

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