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Treading GST Path - 54 -Missed out ITC and unmatched ITC - Removal of Difficulty Order No.2/2018 explained


Addendum

This article was published on 16.01.2019. It is opined in the Article that the scope of Removal of Difficulty Order 2/2018 is limited only to enable availment of unmatched credit and no fresh credit pertaining to 2017-18 could be taken. After its publication, the issue was re-visited based on various inputs received from various quarters. Though the view taken in this article that no missed out credit pertaining to 2017-18 could be taken now in view of the Removal of Difficulty Order, is based on the basis of a conjoint reading of the provisions of Section 16 (4), Section 37; and Section 42, it is also quite possible to take a different view that in view of the plain language of the proviso now being inserted under Section 16 (4), any ITC pertaining to 2017-18, which could not be taken till now, could be taken on or before 20.04.2019. Hence, it is advised that any ITC pertaining to 2017-18 which could not be availed so far, could be availed upto 20.04.2019 on the basis of the Removal of Difficulty Order and there are reasonable legal grounds to defend such availment, if the same is objected to by the Department. For example, if any RCM liability of GST for the year 2017-18 (say, GST on ocean freight for CIF imports) is now paid, ITC of the same could be taken upto 20.04.2019.
Natarajan

jaikumar seetharaman 19/02/2019

 

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