GST Council’s Meeting Key Recommendation #01 – ITC – Relaxation of section 16(4) condition for availment of ITC
The GST Council has recommended significant relaxations for availing input tax credit (ITC) under Section 16(4) of the CGST Act for the financial years 2017-18 to 2020-21. The time limit to claim ITC on any invoice or debit note through FORM GSTR-3B has been extended to 30th November 2021. Additionally, there are retrospective amendments to Section 16(4) to relax provisions for return filing after registration revocation. These recommendations aim to address operational challenges faced by taxpayers and foster compliance and ease of doing business under the GST regime.
Source Darda Advisors
