Input Tax Credit of imported goods.
Query (Issue) Started By: – ASHOK AMIN Dated:- 23-6-2017 Last Reply Date:- 14-8-2017 Goods and Services Tax – GST
Got 1 Reply
GST
Dear Experts,
We are registered manufacturers and dealers under current central excise. We have some old stock of imported goods in our regsitered dealers godown. Now, can we take input tax credit of the old stock of imported goods in the GST regime. What will be the date of inward to calculate one year from the date of 1-7-17 for availment of input tax credit ? Can we take input tax credit for the import goods if it is older than one year from the date of GST implementation ?
Reply By RAMESH PRAJAPATI:
The Reply:
Yes, you can claim input tax credit on the old s
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ppointed day subject to the following conditions, namely:
(i) such inputs or goods are used or intended to be used for making taxable supplies under this Act;
(ii) the said registered person is eligible for input tax credit on such inputs under this Act;
(iii) the said registered person is in possession of invoice or other prescribed documents evidencing payment of duty under the existing law in respect of such inputs;
(iv) such invoices or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day; and
(v) the supplier of services is not eligible for any abatement under this Act:
Provided that where a registered person, other than a manufacturer or a supplier of services, is not in p
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