Input tax credit timing clarified: debit note date determines financial year for ITC availment under amended GST rules. The circular clarifies that for availment of input tax credit on debit notes the date of issuance of the debit note-not the underlying invoice-determines the relevant financial year; the amended rule applies to ITC availed on or after the effective date even for debit notes relating to earlier invoices. It further provides that where e invoices are issued, the QR code with the Invoice Reference Number produced electronically suffices instead of a physical invoice, and that the refund restriction for unutilized ITC linked to export duty applies only to goods actually subject to export duty at the time of export.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit timing clarified: debit note date determines financial year for ITC availment under amended GST rules.
The circular clarifies that for availment of input tax credit on debit notes the date of issuance of the debit note-not the underlying invoice-determines the relevant financial year; the amended rule applies to ITC availed on or after the effective date even for debit notes relating to earlier invoices. It further provides that where e invoices are issued, the QR code with the Invoice Reference Number produced electronically suffices instead of a physical invoice, and that the refund restriction for unutilized ITC linked to export duty applies only to goods actually subject to export duty at the time of export.
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