itc on import

This query is : Resolved

MOHAMMED ASGAR Bhati (Querist)
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10 June 2017 I am a importer . i import a shipment in the m/o june 2017. i paid basic duty Rs. 108000. and cvd 12.50% Rs. 125000.00 & addl. duty 4% paid by me Rs. 13500/- if i hold whole quantity as closing stock on dtd. 30.06.2017. then how much i can claim itc on above stock. pls explain in detail. can i claim only 4% addl. duty as itc or claim itc 12.5 % cvd + 4% addl. duty.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 June 2017 You can claim both CVD 12.5% & Additional duty 4% as ITC, provided you have proper duty paid documents in hand

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