What is the Expiry Period of GST?

As a business owner in India, it's essential to keep track of the various deadlines related to the Goods and Services Tax (GST). One of the important aspects to consider is the expiry period of GST, which is the time limit for availing input tax credit.

The GST expiry period is essentially the time frame within which a taxpayer can claim input tax credit (ITC) on purchases made. According to the GST law, the ITC can be claimed by a registered dealer only if the goods or services are used for business purposes. The ITC can be claimed up to the due date of filing the GST return for the month of September following the end of the financial year to which the invoice pertains.

In simple terms, the expiry period for claiming ITC for any financial year is until the due date of filing the GST return for the month of September of the following year. For example, for the financial year 2021-22, the ITC can be claimed until the due date of filing the GST return for September 2022, which is usually the 20th of October 2022.

It's important to note that if a taxpayer fails to claim the ITC within the expiry period, it will lapse, and they will not be able to avail of the credit for that period. Hence, it's crucial to keep track of the deadlines and ensure timely filing of GST returns to claim the ITC.

In conclusion, the expiry period for claiming input tax credit under the GST law is until the due date of filing the GST return for the month of September following the end of the financial year to which the invoice pertains. As a responsible business owner, it's crucial to stay informed about the various GST deadlines and comply with the rules to avoid any penalties or legal issues.