Relaxation for the availment of ITC for the FYs 2017-2021

Bimal Jain | Last updated: 01 October 2024

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New amendments to Section 16 of the CGST Act, specifically sub-sections (5) and (6), offer significant relief for taxpayers regarding Input Tax Credit (ITC) availment for financial years 2017-2021. These changes extend the time limits for claiming ITC, addressing issues faced by businesses due to delayed return filings or registration cancellations. While providing much-needed relief, certain aspects like the specific conditions for claiming ITC and the prohibition on refunds may still lead to further discussions.

Introduction Due to various factors, including financial constraints, lack of knowledge on the part of taxpayers or their accountants/tax consultants, and the cancellation of GST registrations for multiple reasons, etc., registered persons could not file their statutory returns i.e. FORM GSTR-3B un

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About the Author

Bimal Jain

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FCA, FCS LLB with21 Yrs of Experience inTaxation Indirect and Direct: Education Qualification: B.Com (Hons) Chartered Accountants Company Secretary LLB Qualified SAP FI/CO Consultants Professional Membership: Chairmanof Indirect Tax Committee of PHD Chamber of Commerce Member of Indirec ... Read more

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