Corporate insolvency resolution process amended with expanded disclosure, guarantor asset transfer rules, and new dissolution and restoration procedur...
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The WBGST Act was amended to retrospectively extend the time limit for claiming input tax credit for financial years 2017-18 through 2020-21 until November 30, 2021, and to establish special provisions for taxpayers whose registration was cancelled and subsequently revoked. The DCT clarified implementation procedures across various scenarios: ongoing investigations, pending demand notices, cases under adjudication, appellate proceedings, and revision proceedings. Taxpayers with final orders confirming demands for improper ITC claims may apply for rectification within six months from October 8, 2024. While no refund is available for tax already paid or ITC reversed due to these amendments, pre-deposits made during appeals are refundable if decided favorably.
The WBGST Act was amended to retrospectively extend the time limit for claiming input tax credit for financial years 2017-18 through 2020-21 until November 30, 2021, and to establish special provisions for taxpayers whose registration was cancelled and subsequently revoked. The DCT clarified implementation procedures across various scenarios: ongoing investigations, pending demand notices, cases under adjudication, appellate proceedings, and revision proceedings. Taxpayers with final orders confirming demands for improper ITC claims may apply for rectification within six months from October 8, 2024. While no refund is available for tax already paid or ITC reversed due to these amendments, pre-deposits made during appeals are refundable if decided favorably.
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