Businesses can now claim input tax credit for 2021-22

Businesses can now claim input tax credits for 2021-22 and can rectify any errors in respect of details of outward supplies up to November 30.

The government has notified an amendment to the central goods and services tax Act to provide for additional time for claiming input tax credit, issuance of credit notes, rectification of errors and extending the last date of September 30. The due date of issuance of credit notes and declaration in the returns has also been extended to November 30.

As per the notification, GST registration of an entity may be cancelled if it does not file a return for a continuous tax period as may be prescribed, instead of a continuous period of six months.

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