"A fellow member of Institute of Chartered Accountants of India with 41 years standing in the profession. "
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.
