CBIC Allows Refunds Of Input Tax Credit Accumulated On Imports
Business
oi-Olga Robert
By Staff
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that input tax credit accumulated on imports can now be availed through refunds. The clarification was issued after traders flagged that input tax credit claims were being rejected by tax authorities since invoice details of the unused credit were not getting reflected in the return form GSTR 2A, in several cases.
As per law, credits not reflecting in GSTR 2A cannot be claimed. CBIC had issued a circular on 31 March, stating that refunds related to missing invoices will be restricted, and will be processed in cases where invoices are available.
"The circular does not in any way impact the refund of input tax credit availed on the invoices/documents relating to imports, ISD invoices, and the inward supplies liable to Reverse Charge (RCM supplies)," the Board has said.
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