Goods & Service Tax (GST) 16 September 2026
ITAT Grants Foreign Tax Credit Even After Late Form 67 Filing
The Income Tax Appellate Tribunal (ITAT) ruled that a foreign tax credit can be allowed even when Form 67 is filed after the due date, rejecting a strict mechanical application of the rules. The decision emphasizes that each assessment year must be examined on its facts, and it also clarifies that a GST refund under GSTAT cannot be conditioned on the taxpayer's manufacturer status.
The ITAT has set a precedent that a foreign tax credit is permissible despite a belated Form 67 filing. The tribunal stressed that the rules cannot be applied mechanically across different assessment years.
- Key points
- - Late filing of Form 67 does not automatically disqualify the credit.
- - Each assessment year must be evaluated on its own facts.
- - GSTAT cannot link a GST refund to whether the taxpayer is a manufacturer.
For the full judgment and analysis, see the original article.
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