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The Hon’ble Madras High Court in R.K. Enterprises quashed show cause notices and orders disallowing Input Tax Credit for FY 2017-18 to 2020-21 based on Section 16(5) CGST Act insertion, following withdrawal of constitutional challenges.
The Hon’ble Calcutta High Court in DYS Impex Private Limited held that refund denial based on Section 16(4) of the CGST/ WBGST Act could not be sustained in light of the retrospective insertion of Section 16(5), which extended the timeline for availing input tax credit (ITC) for initial 4 FYs, starting from 2017-18 to 2020-21 up to November 30, 2021.
GST UPDATEZ ON 27-11-2024: The Honorable High Court of Madras in its judgement under W.P.No.25081 of 2023 in the case of Sri Ganapathi Pandi Industries vs The Assistant Commissioner (State Tax) (FAC), Chennai North Division, has allowed a batch of writ petitions relating to delayed availability of ITC under GST, based on the recently inserted provisions of 16(5) of the CGST Act 2017.
GST UPDATEZ ON 25-11-2024 : On the recommendation of the GST Council, section 16(5) & 16(6) has been inserted with retrospective effect from 01/07/2017 whereby the time limit for claiming ITC vide GSTR 3B for the periods FY 2017
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…
Section 118 of Finance (No.2) Act, 2024 is made effective from 27.09.2024 vide Notification no. 17/2024 dated 27.09.2024. In effect the sub-section (5) of section 16 which was inserted vide section 118 is effective now. The said sub-section (5) is reproduced from Finance (No.2) Act, 2024 as below –
