What is the time limit for taking ITC?
Question 28
Bill
Input Tax Credit
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 28. What is the time limit for taking ITC?
\nAns. As per Section 16 (15) of the MGL, ITC cannot be taken beyond the month of September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier.
\nThe underlying reasoning for this restriction is that no change in return is permitted after September of next FY. If<\/p>\n
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