Input tax credit on imported goods, Goods and Services Tax - GST

[Yatin Bhopi]

Dear expert

We are manufacturer and regularly import our raw materials. IGST paid goods on which bill of entry is received and goods laying at port or warehouse outside factory whether eligible to avail Input tax credit as per Section 16 (2) (b) and will be treated as receipt of goods?

Posts / Replies

[Ganeshan Kalyani]

When you clear the goods from the customs import duty is payable.

[Yatin Bhopi]

Sir,

My query is once we paid the taxes on imprted goods and on recipt of bill of entry (but goods still laying at port or in rented wearhouse outside factory) are we eligible to avail input tax credit?

[Ramaswamy S]

ITC is eligible only if the goods are received and tax is paid on them. If the goods are not received, then the credit cannot be claimed In the instant case, the place where the goods are stored is to be declared as additional place of business an then the credit can be availed.

Regards

S.Ramaswamy