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

No Time Limit for Input Tax Credit on Bill of Entries under GST, Section 16(4) and Rule 36 Confirmed. A discussion on whether a time limit applies for availing Input Tax Credit (ITC) on Bill of Entries (BOE) under GST concluded that no such time limit exists. The initial query suggested that the time limit is applicable only to invoices and debit notes. Several participants agreed, emphasizing that Section 16(4) and Rule 36 do not impose a time limit on BOE credit availment. One participant noted that while the Customs authority assesses BOE based on foreign supplier invoices, the absence of a specific reference to Section 31 makes this interpretation debatable, leaving room for departmental discretion.