ITC is permissible when the consideration is settled via Book Adjustment


Last updated: 29 March 2024

Court :
West Bengal, AAR

Brief :
The West Bengal, AAR in the case of Paragon Polymer Products (P.) Ltd., In re [Order No. 27/WBAAR/2023-24 dated December 20, 2023] held that claiming credit of input tax by the assessee cannot be denied under the second proviso to sub-section (2) of section 16 of the Central Goods and Services Tax Act, 2017 ("the CGST Act") when payment is settled through book adjustments because the law has not put any restriction on such adjustments.

Citation :
Order No. 27/WBAAR/2023-24 dated December 20, 2023

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Bimal Jain
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