Input tax credit eligibility expanded with procedural declaration requirements and tailored reversal rules for imported gold credits. Substitution in rule 40 requires the registered person to declare eligibility for input tax credit electronically on the common portal in FORM GST ITC-01 within a specified thirty-day window from becoming eligible, subject to Commissioner-extended time limits; extensions notified by the Commissioner of State or Union territory tax are mutually recognised. A new rule 44A prescribes the manner of reversal of credit arising from additional customs duty paid on importation of gold dore bar: only a fractional portion of Central tax credit carried forward on specified gold stocks is retained, with the balance to be debited from the electronic credit ledger at the time of supply or within a one-week window where supply already occurred.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit eligibility expanded with procedural declaration requirements and tailored reversal rules for imported gold credits.
Substitution in rule 40 requires the registered person to declare eligibility for input tax credit electronically on the common portal in FORM GST ITC-01 within a specified thirty-day window from becoming eligible, subject to Commissioner-extended time limits; extensions notified by the Commissioner of State or Union territory tax are mutually recognised. A new rule 44A prescribes the manner of reversal of credit arising from additional customs duty paid on importation of gold dore bar: only a fractional portion of Central tax credit carried forward on specified gold stocks is retained, with the balance to be debited from the electronic credit ledger at the time of supply or within a one-week window where supply already occurred.
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