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New ITC rectification process under Section 16(5) & 16(6) of CGST Act allows correction of past orders, offering relief to taxpayers. Apply by 07-04-2025.
Learn about the waiver of interest and penalties under Section 73 for GST demands from FY 2017-18 to FY 2019-20, based on recent government notifications.
The removal of indexation for LTCG under the Finance Bill 2024 introduces complexities. Taxpayers can choose between 12.5% without indexation or 20% with it.
As per Circular issued, the restriction of 36(4) will be applicable where credit is availed after 09 10 2019. As credit is deemed to be availed on submission of GSTR 38, it appears to be applicable for returns of any period filed after 09. 10.2019 implying retrospective applicability (circular extending provision applicability) and discriminating eligibility of ITC for the taxpayers filing return before and after prescribed date.
