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THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament) 

ICAI/IDTC/2018-19/Rep/10 

Shri Arun Jaitley 
Hon'ble Union Minister of Finance, and 
Chairman, Goods & Services Tax Council 
Ministry of Finance, 

Government of India, 
North Block 
New Delhi - 110001 
11th October, 2018 

Subject: Request for permitting availment of input tax credit under GST pertaining to Financial Year 2017-18 till 31st December, 2018 

Sir, 

The Institute of Chartered Accountants of India (ICAI) has been proactively supporting the Government by providing suggestions at each stage of development, creating awareness and disseminating knowledge of GST among various stakeholders. 

We are writing this letter considering the practical difficulties being faced by the trade and industry in availing input tax credit under the GST laws. In terms of provision of Section 16(4) of the CGST Act, 2017 the time limit for availing the put tax credit by a registered person is restricted and the said provision is reproduced below: 

"A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier."

The rationale of providing a cut-off date of 20th October, 2018 for invoices pertaining to Financial Year 2017-18 was, as we understand, more to do with the return filing system (Form GSTR - 1, 2 & 3). 

PFA the attached file to know more in details

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