Utilization of ITC cannot be denied merely on the ground that the inputs have no nexus with outward supply
Last updated: 04 February 2022
Court :
AAAR, Gujarat
Brief :
The AAAR, Gujarat in the matter of M/S. Aristo Bullion Private Limited [Advance Ruling No. GUJ/GAAAR/APPEAL/2021/36 dated December 22, 2021] modified the ruling passed by the AAR, and held that, the assessee is entitled to use the Input Tax Credit ("ITC") balance lying in its Electronic Credit Ledger ("ECL"), legitimately earned on the on Gold & Silver Dore Bars etc., for the purpose of paying GST on outward supply on Castor Oil Seeds, and it cannot be denied merely on the ground that the inputs have no nexus with outward supply.
Citation :
Advance Ruling No. GUJ/GAAAR/APPEAL/2021/36 dated December 22, 2021
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Bimal Jain
Published in GST
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