Corporate Professional Today – October 20, 2018

October 20 To October 26, 2018 u Taxmann’s Corporate Professionals Today u Vol. 43 u (^17375)
Conclusion

7. So far as Income Tax is concerned, prior
   period expenses may be disallowed during
   the current year; however, the same may be
   claimed either in the computation of the return
   for the same Financial Year, if the return is
   pending, or by filing revised Income Tax
   Return before the due date (i.e., 31st March
   2019 for A.Y 2018-19). In case, the due date
   of revision of Income Tax return has lapsed,
   then the said expense could not be claimed.

However, in the GST no facility to revise the
return is available. Hence, the expenses on
which ITC was left to be claimed may be

shown in Form GSTR-3B up to the month of

September of the following year, otherwise

ITC on such transaction will lapse.

Therefore, it is very important to determine

the details of all the omitted items/expenses,

on or before the filing of the GST return for

the month of September of the following year

so as to avail input tax credit on the same.

Further, there is no time limit for utilization

of Input tax credit under GST, hence, the

ITC availed may be utilized at any time &

may be carried forward for unlimited period.

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PriOr PeriOd exPenses - gsT PersPeCTiVe