IGST PAID ON IMPORTS -TIME LIMIT FOR AVAILING CREDIT

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The taxpayer omitted to take credit of ITC on account of IGST paid on imports for the financial year 2018-19 in GSTR-3B returns of Financial year. The GSTR-3B for Sept 2019 has already been filed. Now what is the alternative available to the taxpayer. The time limit as mentioned under section 16(4) and Rule 36- Documentary requirements and conditions for claiming input tax credit are with respect to invoice or debit note and is silent on import documents. Please give the opinion.

AI Summary

Taxpayer Seeks Alternatives for Unclaimed ITC on 2018-19 Imports; Section 16(4) Time Limit Contested A taxpayer missed claiming Input Tax Credit (ITC) for IGST paid on imports for the financial year 2018-19 in their GSTR-3B returns. With the GSTR-3B for September 2019 already filed, they seek alternatives. Opinions vary on whether the time limit under Section 16(4) applies, as it pertains to invoices or debit notes, not import documents. Some argue the Bill of Entry is not an invoice under Section 31, while others believe foreign supplier invoices could be considered valid. The issue is contentious, with calls for clarification from the GST Council, and potential escalation to higher courts.