ITC Claims Permissible in GST Returns Filed On or Before 30th Nov 2021 for FYs 2017-18 to 2020-21: Madras HC rules in Light of Finance Act

The Madras High Court ruled that Input Tax Credit (ITC) claims are permissible for GST returns filed on or before November 30, 2021, for financial years 2017-18 to 2020-21, following the amendment in the Finance Act. The ruling was in favor of taxpayers who had failed to claim ITC for these periods, stating that the deadline for filing GST returns had been extended to allow such claims. This judgment is a significant relief for businesses that missed the original deadline but had complied with the filing of returns. The Court also clarified that claims would be subject to the submission of necessary documents and compliance with GST regulations. This decision aids in rectifying past oversights and facilitates taxpayers in claiming their due ITC.