Over 1500 local businesses benefit from retrospective input tax credit allowance
Jamshedpur’s commercial sector welcomes GST Council’s decision to extend input tax credit claim period and waive certain penalties, easing financial pressures on traders.
JAMSHEDPUR – The GST Council’s recent amendments have brought significant relief to more than 1500 traders in the Jamshedpur Commercial Tax Division.
Traders can now claim input tax credit (ITC) for invoices filed under section 16 (4) of the CGST Act retrospectively from July 1, 2017, for financial years 2017-18 to 2020-21.
"This decision will alleviate financial burdens for many local businesses," stated Agarwal Rajeev, Vice President of the Singhbhum Chamber of Commerce.
The council has waived interest and penalties on tax notices issued during this period, excluding cases involving fraud or theft.
The deadline for filing returns has been extended from April 30 to November 30 for financial years 2017-18 to 2021-22.
Members of the Jamshedpur Commercial Bar Association have praised these developments as trader-friendly.
The extension of the appeal period to the tribunal from one month to three months has been particularly well-received.
However, concerns remain regarding certain aspects of the amendments, including the biometric verification requirement for registration.
The Singhbhum Chamber has initiated communication with the Union Finance Minister to address ongoing issues and suggest improvements.
Local traders anticipate further refinements to the GST framework to enhance convenience and fairness in the taxation process.
