Input tax credit timing: date of debit note, not underlying invoice, determines financial year for ITC availment under amended law. The circular clarifies that for input tax credit timing the date of the debit note, not the underlying invoice, determines the relevant financial year; the amended rule applies to ITC availment on debit notes from the amendment's operative date forward while prior availments remain governed by the earlier provision. It also confirms that an electronically produced QR code with the Invoice Reference Number suffices instead of a physical invoice for verification, and that the refund prohibition tied to goods 'subjected to export duty' applies only where export duty is actually payable at export, excluding goods with NIL or exempt export duty.
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Input tax credit timing: date of debit note, not underlying invoice, determines financial year for ITC availment under amended law.
The circular clarifies that for input tax credit timing the date of the debit note, not the underlying invoice, determines the relevant financial year; the amended rule applies to ITC availment on debit notes from the amendment's operative date forward while prior availments remain governed by the earlier provision. It also confirms that an electronically produced QR code with the Invoice Reference Number suffices instead of a physical invoice for verification, and that the refund prohibition tied to goods "subjected to export duty" applies only where export duty is actually payable at export, excluding goods with NIL or exempt export duty.
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