IGST credit accrued in FY18 will not lapse: FinMin
New Delhi: The Finance Ministry Tuesday assured trade and industry that input tax credit accrued on import of goods by paying GST in 2017-18 will not lapse even if the taxpayer has not claimed credit in the same financial year.
Addressing concerns raised by trade and industry regarding filing of annual returns for the first year (2017-18) of Goods and Services Tax (GST) rollout, the ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto-populated data.
The ministry said that many taxpayers have raised concern that annual return form GSTR-9 does not allow a taxpayer to report details of IGST paid on imports made in 2017-18 but credit for the same was availed in 2018-19.