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When to avail itc

Pardeep Garg (CA-Final Student) (801 Points)

02 July 2020

I imported broom.
Invoice and bill of entry date is of June month and goods cleared in July and received to factory in July.

When I am eligible to avail ITC?

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4 Replies

CA Ankith Jain (Chartered Accountant) (973 Points)
Replied 02 July 2020

July.

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 03 July 2020

As per Section 16 of CGST Act. In month of July only you can avail ITC (When the goods received)

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Anant Jain (article clerk) (29 Points)
Replied 06 July 2020

As per the interpretation of Sec 16, you will be eligible for input tax credit in the month of July since goods are available with you in the saleable position in july

Ravi SADhiyan (Practice) (4510 Points)
Replied 06 July 2020

Originally posted by : Pardeep Garg
	I imported broom.Invoice and bill of entry date is of June month and goods cleared in July and received to factory in July.When I am eligible to avail ITC?