CBIC Clarifies Issues Regarding Implementation of Provisions of Section 16(5) & 16(6) of CGST Act, 2017
- News|Blog|GST & Customs|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 16 October, 2024
Latest from Taxmann
Circular No. 237/31/2024-GST dated 15th October, 2024
The CBIC has issued circular to clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017. Notably, these provisions are inserted in section 16 of the CGST Act, with effect from the 1st July, 2017, vide section 118 of the Finance (No. 2) Act, 2024, whereby the time limit to avail input tax credit under provisions of sub-section (4) of section 16 of CGST Act has been retrospectively extended in certain specified cases.
Thereafter, various representations have been received by CBIC from trade and industry requesting for clarification in respect of various issues pertaining to availment of benefit of the said amendments in section 16 of CGST Act to the taxpayers against whom demands have been issued. This circular also explains the procedure of filing an application for rectification of an order issued under section 73 or section 74 of the CGST Act.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
