We have received moulds free of cost from our overseas customer and valuation for import has been done at US dollar 6000.
Customs duty of 10% and IGST 18% has been paid by us.
This mode is received free of cost and there is no obligation to pay for this to our customer.
Can we take input tax credit for the IGST amount paid if yes under which section?
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input tax credit
Replies (1)
there is no bar anywhere in section 16 & 17 subject to it must be used for business purpose and used in outward taxable supply. if outward supply is free of cost than ITC not allowed.
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