Below is summarised year wise time limit to avail Input Tax Credit u/s 16(4) with Extended Time Lines
Financial Year Original Last Date to Avail ITCExtended Date to Avail ITC
2017-18 20-04-2019 30-11-2021
2018-19 20-10-2019 30-11-2021
2019-20 20-10-2020 30-11-2021
2020-21 20-10-2021 30-11-2021
Menu
Already tax paid Refund or
Replies (1)
-
The Rule: While Section 16(5) retrospectively extends the ITC timeline to November 30, 2021, for FY 2017-18 through 2020-21, Section 150 flatly prohibits the refund of any tax already paid or credit already reversed on account of past 16(4) compliance concessions.
-
The Out: If you face an active/unpaid demand order, you must file a Rectification Application on the GST portal under Notification No. 22/2024 to get the liability dropped. For automated, forced recoveries made by the department, a Writ Petition in the High Court is the only viable path to seek adjustment or refund.
Recent Topics :
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
Related Topics :
CAclubindia
