Dear Sir,
We imported our Raw Material through various port. Our Raw Materials in Bulk in nature and transfer of entire Raw Materials needs time of 20 to 25 days. As per Condition 16(2) (d) of CGST Act,2017, ITC can be avail only after receipt of last Installments, however in Import consignments, can we avail ITC immediately after filing of Bill Of Entry and after payment of Customs duty, SWS and IGST before receipt of entire goods at our factory?
Frah Saeed Answered question June 8, 2020
As rightly said by you that as per proviso to Section 16(2) of the CGST Act, credit of goods in respect of an invoice, if received in installments, can be taken when last lot is received.
ITC can be availed accordingly and not earlier.
Team Clearmytax.in
Frah Saeed Answered question June 8, 2020