Quick Summary
In a crucial update aimed at streamlining GST compliance, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 22/2024-Central Tax dated October 8, 2024, to notify the mechanism for implementing newly inserted sub-sections (5) and (6) in Section 16 of the Central Goods
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FAQ :
The notification establishes a special procedure for rectifying GST orders where input tax credit (ITC) was wrongly availed due to contraventions of Section 16(4) of the CGST Act, but is now allowed under newly inserted sub-sections (5) or (6).
Registered persons who have received an order confirming a demand for wrong ITC availment under Sections 73, 74, 107, or 108 of the CGST Act are eligible, provided the ITC is now allowed under the new sub-sections (5) or (6).
Eligible taxpayers must submit their electronic application on the GST portal within six months from the date of the notification, which is October 8, 2024.
The application must be submitted electronically on the GST portal, along with relevant information uploaded using the proforma provided in Annexure A of the notification.
The proper officer who issued the original order will process the request and must issue a rectified order within three months of receiving the application.
No, the rectification specifically applies only to demands concerning ITC wrongly availed due to contraventions of sub-section (4) of Section 16, which is now allowable under sub-sections (5) or (6) of the same section.
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