CA Firm in Delhi.

DRAFT Reply Request to Keep Assessment Proceedings Pending in Light of Upcoming Amendment to Section 16 of the CGST Act, 2017

✅We wish to bring to your attention the proposed insertion of sub-section (5) to Section 16 of the CGST Act, 2017, as outlined in the Finance Bill, 2024. This amendment, once notified, will allow Input Tax Credit (ITC) for the financial years 2017-18 to 2020-21 if claimed by 30th November 2021, despite the current cut-off of 30th November of the following financial year under Section 16(4).

✅In light of this upcoming amendment, we respectfully request that our assessment proceedings be kept pending until the amendment takes effect. Proceeding with the assessment now may result in outcomes that could be rectified under the new law.

✅We assure you of our cooperation and are ready to take necessary steps once the amendment is notified.