04 December 2024
Sorry, sir. Our bank account was frozen due to a demand notice. We have now appeal filed for all demand notices. Is there any option to unfreeze our bank account?
04 December 2024
Sorry, sir. Our bank account was frozen due to a demand notice. We have now appeal filed for all demand notices. Is there any option to unfreeze our bank account in gst?
04 December 2024
We did not claim the ITC credit of Rs 8 lakh in GST for the fiscal year 2018-19. This ITC amount is reflected in GST 2A, but it was missed due to a clerical error. The annual returns for FY 2018-19 and FY 2019-20 have been filed. How can we reclaim the ITC credit?
04 December 2024
To benefit from the retrospective relief provided by the amendments to Section 16 of the CGST Act, specifically sub-sections (5) and (6), taxpayers should follow a structured approach. Here are the key steps they should take: Steps to Claim Retrospective Relief 1. Review Eligibility Identify Relevant Financial Years: Confirm that the ITC claims pertain to the financial years 2017-18 to 2020-21. Check Registration Status: Ensure that if your registration was canceled, it has been reinstated, as sub-section (6) specifically addresses this scenario. 2. Gather Documentation Collect Invoices and Debit Notes: Ensure you have all necessary documentation for the invoices or debit notes for which you intend to claim ITC. Maintain Records: Keep meticulous records of all transactions and any previous claims made to support your application. 3. File for Rectification Electronic Application: Submit an application for rectification electronically on the GST portal. Timeframe for Filing: The application must be filed within six months from the notification date of October 8, 2024, which means by April 8, 2025. 4. Include Mandatory Information Details of Original Demand: Your application must include comprehensive details regarding any original demand orders related to ITC claims that were previously denied. Form Submission: Depending on the nature of the original order, ensure you use the correct forms: For orders under sections 73 or 74, submit in FORM DRC-08. For orders under sections 107 or 108, use FORM GST APL-04. 5. Claim ITC in Returns Deadline for Claims: For claims related to financial years 2017-18 to 2020-21, ensure that you file your returns claiming ITC by November 30, 2021. For Canceled Registrations: If your registration was canceled and later reinstated, file your GSTR-3B within thirty days of revocation for claims pertaining to that period. Refer: 1. https://cbic-gst.gov.in/pdf/circular-183.pdf 2. https://taxupdates.cagurujiclasses.com/new-time-limit-to-avail-input-tax-credit-under-gst-know-the-new-date/