GST UPDATE

???? CA. Praveen Sharma Ki Desk Se ?????

Draft Reply Request to Keep Assessment Proceedings Pending Due to Upcoming Section 16(5) of CGST Act, 2017

?I am writing to inform you of the recent amendment proposed in the Finance Bill, 2024, specifically the addition of sub-section (5) to Section 16 of the CGST Act, 2017.

?Currently, under Section 16(4) of the CGST Act, ITC can only be claimed until 30th November of the following financial year. However, the new sub-section (5) provides a special provision for ITC claims for FYs 2017-18, 2018-19, 2019-20, and 2020-21, allowing ITC if it was claimed by 30th November 2021. This amendment has been passed but is yet to come into effect.

?Since our case falls within the scope of this new amendment, we request that the assessment proceedings be kept pending until the relevant notification is issued. Proceeding before this provision takes effect may lead to issues that the amended law could resolve.

?We appreciate your consideration and assure you of our cooperation once the amendment is effective.

CA. Sharma Praveen

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