SOCIETY FOR TAX
ANALYSIS & RESEARCH
October 14, 2019
Smt. Nirmala Sitharaman.
Hon’ble Minister of Finance,
Government of India
Ministry of Finance,
North Block, New Delhi-110 001
Reg: Representation on extension of date to take the Input Tax Credit for the Financial Year 2018 – 2019
At the outset we thank the government for giving due consideration to the problems faced by the taxpayers from time to time. As a result of your rumination of the issues, changes are brought in the system from time to time. We write to your good office to highlight the following practical issue and would seek your kind perusal.
Madam, we would like to draw your attention to one very important provision of law with respect to entitlement of input tax credit:
Section 16 (4) of the Central Goods and Services Tax Act 2017, provides:
A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.
Madam, with respect to above we would like to draw your attention on the following:
“Provided that the registered person shall be entitled to take input tax credit after the due date of furnishing of the return under section 39 for the month of September, 2018 till the due date of furnishing of the return under the said section for the month of March, 2019 in respect of any invoice or invoice relating to such debit note for supply of goods or services or both made during the financial year 2017-18, the details of which have been uploaded by the supplier under sub-section (1) of section 37 till the due date for furnishing the details under sub-section (1) of said section for the month of March, 2019.”
Madam, we pray before your good self to kindly consider the practical challenges of tax payers as well as professionals and extend the date up till which the missed input tax credit can be availed up to 31.03.2020. This will help all the stake holders to comply with all the laws without any haste or anxiety. And this will finally be helpful to the officers during assessments.
Madam, we shall be obliged if your good self can consider our representation on behalf of all members of Society for Tax Analysis and Research(“STAR”). Our Society is a ‘not for profit’ Society which aims to disseminate proper information of tax to masses and to act as a catalyst between government and taxpayers and other stakeholders in bringing an efficient, transparent and corruption free nation. We trust our suggestions would find space in your consideration.
For Society for Tax Analysis and Research
(CA Man Mohan Gupta)
+91 98103 42400
(Avinash Poddar, Advocate)
Chairman – west
+91 98251 13570
(CA. Gaurav Gupta)
Member — Indirect Tax Committee
+91 98110 13940
(CA. Ashu Dalmia)
Member – Indirect Tax Committee
+ 91 98108 93243