Budget 2022: Due Date of taking ITC for a Financial Year extended to 30th Nov of the following financial year

Budget 2022: Due Date of taking ITC for a Financial Year extended to 30th Nov of the following financial year In Budget 2022 Amendment has been proposed in sub-section (4) of section 16 of the Central Goods and Service Tax Act 2017, so as to provide for an extended time for availement of input tax credit [ITC] by a registered person in respect of any invoice or debit note pertaining to a financial year up to the thirtieth day of November of the following financial year. The Amendment as per Finance Bill is as follows: Amendment of section 16: 99. In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 16, - (b) in sub-section (4), for the words and figures “due date of furnishing of the return under section 39 for the month of September”, the words “thirtieth day of November” shall be substituted.