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of <h1>GST Circular Updates Time Limits for Input Tax Credit u/s 16; Details Rectification Procedures for Wrong ITC Claims.</h1> The circular issued by the GST Policy Wing of the Indian Ministry of Finance addresses the retrospective amendments to Section 16 of the CGST Act, 2017, specifically sub-sections (5) and (6). These amendments extend the time limit for availing input tax credit (ITC) in certain cases and clarify the implementation process for taxpayers and tax authorities. It outlines procedures for rectifying orders related to wrong ITC claims due to contraventions of sub-section (4) of Section 16. Taxpayers can now avail ITC as per the new provisions, and special procedures for rectification are detailed, including electronic filing and timelines. The circular emphasizes that no tax refunds will be made for ITC reversed under the previous provisions.
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