ITC pertaining to financial year 17 - 18

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....TC pertaining to financial year 17 - 18<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 28-1-2020 Last Reply Date:- 28-1-2020 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>XYZ (Manufacturer) had missed out claiming of ITC on certain imported machinery as well as on certain locally procured packing materials received in the financial year 17 - 18. As per the provisions, the de....

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....adline for claiming ITC for financial year 17 - 18 was 31.03.19. If XYZ claims such ITC in the current month, it might be definitely objected during departmental audit. If XYZ decides to contest, what are the chances of getting a favourable decision at CESTAT level or at High Court since the ITC involved is very large. Reply By CA Venkata prasad Pasupuleti: The Reply: ITC on imported goods - fai....

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....r chance as interpretation is possible to say sec 16(4) is not applicable. For doemstic procurements - case is weak as no strong grounds are there Reply By GB Rao: The Reply: Dear sir, I agree with shri CA Venkata Prasad&#39;s clarification. The provisions are very clear that no restriction on availment of ITC in respect of IGST paid on import of goods by such registered persons ( where the cr....

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....edit has been availed on the strength of bill of entry by making an entry in table 4A.1 in Form GSTR-3B). With regard to availment of credit on domestic goods beyond the stipulated period, there is a very remote chance of getting favourable orders from CESTAT or High Court.<br> Discussion Forum - Knowledge Sharing ....