Input tax credit on imported goods

[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?

AI Summary

Can a Manufacturer Claim ITC on Imported Goods Stored Outside Factory? Compliance with Section 16(2)(b) Discussed. A manufacturer inquired about the eligibility to claim input tax credit (ITC) on imported goods that are stored at a port or warehouse outside the factory after paying Integrated Goods and Services Tax (IGST) and receiving the bill of entry. One respondent clarified that ITC can only be claimed if the goods are received and the tax is paid. Another suggested that the storage location must be declared as an additional place of business to avail the credit. The discussion centered on compliance with Section 16(2)(b) of the GST regulations.