TaxTMI 
TaxTMI 
Based on GST Intelligence wing show cause notice, GST under reverse charge paid towards import of service from the year 2017 to 2023 in the month of September 2023. Can ITC be availed against this payment made for the past period now?
ITC for the past period
01 Nov 2023 
10 Replies 
2850 Views Asked by
Input tax credit timing: invoices issued by recipients set the year to claim credit, subject to tax payment.
Claiming ITC for reverse-charge import of services depends on issuance of a compliant self-invoice by the recipient, payment of tax, and satisfaction of ITC conditions; administrative guidance states the financial year for the time-limit is the year in which the recipient issues the invoice, subject to tax payment and other statutory conditions, while late issuance/payment may attract interest and penalties. (AI Summary)
Claiming ITC for reverse-charge import of services depends on issuance of a compliant self-invoice by the recipient, payment of tax, and satisfaction of ITC conditions; administrative guidance states the financial year for the time-limit is the year in which the recipient issues the invoice, subject to tax payment and other statutory conditions, while late issuance/payment may attract interest and penalties. (AI Summary)