ITC on Bill of Entries - Whether any time limit is applicable?

[SAKTHIVEL K]

As per section 16 (4) reads with rule 36 there is no time limit for availing ITC in respect of BOEs , time limit is only for invoice/debit note. Therefore, no time limit is applicable with respect to credit availment on Bill of Entries under GST. Any different view please

[Mahadev R]

I agree with your view that the time limit is only for debit notes (linked to invoice date) and invoice. In respect of BOE, no time limit for taking credit.

[DR.MARIAPPAN GOVINDARAJAN]

I endorse the views of Shri Mahadev

[Spudarjunan S]

I endorse the views of experts as provided above.

[Alkesh Jani]

Sir,

Section 16(4) states "... any invoice..." and not invoice issued in accordance with provisions of Section 31. However, Bill of entry is assessed by Customs on the basis of Invoice issued by the foreign supplier, the Customs authority may accept the value or may assess as per the provision of Customs Act, and Valuation Rules. However, in absence of specifying Section 31 , ofcourse one can take the above stand.

However, it is debatable. this is my point of view. As it is upto department to take their course.

Thanks

AI Summary

Input tax credit on bill of entry: no statutory time limit for claiming credit, unlike invoices and debit notes.
The operative position is that the statutory time limitation for claiming input tax credit applies to invoices and debit notes, while credit supported by a bill of entry-drawn from the supplier's invoice and Customs assessment-is generally treated as not subject to that invoice-linked time bar; however, the phrase "any invoice" and Customs valuation powers leave room for administrative disagreement on specific facts.