GST Council grants relief: Input Tax Credit extended for Jamshedpur traders

Mail News Service

Jamshedpur, June 23: The GST Council’s recent decision to extend the time limit for availing input tax credit (ITC) has brought significant relief to over 1500 traders in the Jamshedpur Commercial Tax Division. This amendment allows traders to claim ITC for invoices or debit notes filed under section 16 (4) of the CGST Act for the financial years 2017-18, 18-19, 19-20, and 20-21 retrospectively from July 1, 2017.

Under this recommendation, all tax notices for interest and penalties issued during this period will be waived, provided there are no pending fraud or theft cases against the traders in court. The GST Council’s decision also extends the deadline for filing returns from April 30 to November 30 for the financial years 2017-18 to 2021-22.

Members of the Jamshedpur Commercial Bar Association have welcomed these developments, describing the GST Council’s first meeting under the new government as favorable to traders and dealers.

Rajeev Agarwal, Vice President of Singhbhum Chamber of Commerce, highlighted that while the biometric verification requirement during registration has been introduced to curb fraud, traders still have concerns over certain aspects of the amendments. The extension of the time period for appealing to the tribunal from one month to three months has been noted as a positive step, but challenges remain regarding the filing process and appeal hierarchy.

The Singhbhum Chamber has initiated correspondence with the Union Finance Minister to address these concerns and advocate for improvements in the GST framework, aiming to enhance convenience and fairness for traders across Jamshedpur.