IMPORT TRANSACTION ENTRY

[SURYAKANT MITHBAVKAR]

We have imported material wherein Bill of Entry date is 31.03.23. We have paid custom duties including IGST on 10.04.23. Examination & inspection has been done on 13.04.23 by custom authority & we have received the material on 14.04.23.

In our GSTR-2B for Mar-23 the above transaction is not reflected however it may reflect in the next month i.e. April-23 with bill of entry dated 31.03.23. In this case, can we consider the above transaction in current year i.e. 2023.-24 or in the previous year i.e. 2022-23 ?

AI Summary

Input tax credit timing: claim based on receipt and assessment of imported goods, not solely on Bill of Entry date.
Entitlement to Input Tax Credit on imports depends on satisfaction of statutory conditions-principally completion of customs assessment and physical receipt of goods-so credit should be claimed in the tax period when assessment and receipt occur rather than solely by the Bill of Entry date, and GSTR-3B reporting and accounting should be aligned to that period.