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 of imported goods permitted if statutory conditions and compliant invoice evidence are satisfied.
Claiming input tax credit on imported goods in stock on the appointed day is allowed if the goods are used or intended for taxable supplies, the person is eligible under the Act, and the taxpayer possesses invoices or prescribed documents evidencing duty payment issued within twelve months immediately preceding the appointed day. If invoices are absent for certain categories of registered persons, credit may be permitted subject to prescribed conditions, limitations and safeguards, including mechanisms for passing on benefit and specified rates and manners of credit.