9911796707
TMI Blog2024 (7) TMI 1545X X X X Extracts X X X X X X X X Extracts X X X X ..... The aforesaid circular completely supports the claim of the petitioner especially in the light of the judgment of the Apex Court in the K.P.VARGHESE Vs. INCOME TAX OFFICE, ERNAKULAM, AIR 1981 SC 1922 to the effect that a CBIC circular is binding upon the respondents. However, since the said circular was issued during the pendency of the present petition and the respondents did not have the benefit of the said circular at the time of issuance of the Show Cause Notice, it is deemed just and appropriate to dispose of this petition and direct respondent No.2 to consider the objections to be filed by the petitioner and proceed further in accordance with law, bearing in mind the aforesaid circular and take appropriate decisions/pass appropriate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 16(4) of the CGST Act, 2017. In this context, it is pointed out that the said position was clarified by the CBIC in its subsequent circular No.211/5/2024-GST, dated 26.06.2024 wherein it is clarified that there was no delay on the part of the petitioner in availment of ITC particularly, when the self invoices had already been issued by 31.03.2023. It is therefore submitted that in the light of the subsequent circular issued by CBIC, the impugned Show Cause Notice deserves to be quashed. 4. Per contra, learned AGA fairly submits that the said position regarding availment of ITC on the ground of belated claim has been clarified by the aforesaid circular, which is binding upon the respondents. It is however, submitted that the prese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant financial year, to which invoice pertains, for the purpose of time limit for availment of ITC under section 16(4) of CGST Act in such cases shall be the financial year of issuance of such invoice only. In cases, where the recipient issues the said invoice after the time of supply of the said supply and pays tax accordingly, he will be required to pay interest on such delayed payment of tax. 2.7 Accordingly, it is clarified that in cases of supplies received from unregistered suppliers, where tax has to be paid by the recipient under reverse charge mechanism (RCM) and where invoice is to be issued by the recipient of the supplies in accordance with section 31 (3) (f) of CGST Act, the relevant financial year for calculation of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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