TaxTMI 
TaxTMI 
ITC CLAIMED AFTER DUE DATE
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....TC CLAIMED AFTER DUE DATE<br> Query (Issue) Started By: - KAMAL SETHI Dated:- 7-5-2024 Last Reply Date:- 9-5-2024 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>One of my clients filed GSTR-3B for March 2020 on October 31st, 2020. Subsequently, received DRC-01 to reverse the claimed credit along with interest. This action was taken in accordance with the provisions under section 16(4), as....
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.... the Input Tax Credit (ITC) can only be claimed up to October 22nd, 2020. Could you please provide guidance on this matter Reply By Padmanathan Kollengode: The Reply: This issue is now pending before the Hon'ble Supreme Court. Pls state what is the exact amount involved? What is the exact stage of proceedings? whether any order has been passed? or are you yet to file a reply? Reply By KAS....
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....TURI SETHI: The Reply: Sh.Kamal Sethi Ji, (i) At present there is no remedy. The provisions of Section 16(4) of CGST Act have been held valid by the Patna High Court, Andhra Pradesh High Court & Chhattisgarh High Court. (ii) The issuance of the SCN on this issue will be continued but will be kept pending adjudication till the decision of the Supreme Court. (iii) In this context, see Circular N....
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....o. 13/2023 dated 22.6.2023 issued by the Commissioner of State Tax, State GST Department, Thiruvananthapuram, Kerala. Reply By Shilpi Jain: The Reply: A weak case in my view unless any favourable verdict comes from high court/SC Reply By KASTURI SETHI: The Reply: Also go through Issue ID 119090. Reply By Padmanathan Kollengode: The Reply: Depending on risk apitite of client and other factors....
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.... inc amount involved etc, you may consider keeping the issue "alive" in some forum so that if some favourable judgement from court or policy decision from Governments comes, you maybe able to gain relief. Reply By KASTURI SETHI: The Reply: Time restriction had been enforced since the inception of Modvat Credit facility (March, 1986). Initially it was enforced for six months and, therea....
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....fter, changed to one year period. The reason behind such restriction was to iron out the possibility of taking credit twice or thrice on the same invoice. That was not era of high technology/computer/internet etc. Even now in this era of high technology it is not feasible to keep track of such manipulation. So the intention of Govt. is to safeguard revenue. Keeping in view of logic and reason beh....
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....ind this restriction, chances of the decision in favour of the assessees are bleak. Disclaimer : These are my personal views for academic purpose only<br> Discussion Forum - Knowledge Sharing ....