ITC availed after time limit prescribed as per section 16(4)

[vaibhav agrawal]

GSTR 3B for the FY 2020-21 was filed on 31 March 2022. Now department is raising concern over availment of ITC as the same has been availed beyond time prescribed in section 16(4) and 16(5). Guidance required regarding fight with the department over the said issue.

AI Summary

Taxpayer Challenges Late Input Tax Credit Claim Beyond Statutory Deadline in Complex GST Compliance Dispute A taxpayer filed GSTR 3B for fiscal year 2020-21 on 31 March 2022, claiming input tax credit (ITC) beyond the prescribed time limit under Section 16(4) of the CGST Act. The tax department raised concerns about ITC availment after the statutory deadline. Potential counter-arguments include principles of substantial compliance, genuine transactions, and absence of revenue loss. However, legal experts suggest limited chances of success due to strict statutory interpretation and Supreme Court's rigid stance on time frame adherence.