Input Tax Credit of imported goods.

[ASHOK AMIN]

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 ?

AI Summary

Input Tax Credit Claim for Old Stock: Conditions Under GST Regime Explained, Including 12-Month Invoice Rule A registered manufacturer and dealer inquired about claiming input tax credit for old stock of imported goods under the GST regime. The response clarified that input tax credit can be claimed if the documents are not older than 12 months from the GST implementation date, July 1, 2017. The conditions include using the goods for taxable supplies, eligibility for input tax credit, possession of invoices evidencing duty payment, and that invoices are issued within 12 months preceding the appointed day. Additional provisions apply if a registered person lacks the necessary documentation.