IGST PAID ON IMPORTS
This query is : Resolved
30 April 2021
Hi sir
Our organisation is Import based manufacturing concern , While filing Bill of entry to release goods we paid IGST , and the same is claimed as ITC while filing GSTR 3B when it is reflected from ICEGATE portal.
Now my question is, Our GST officer reverse the part of ITC related to imports to the extent of Short quantity received from july 2017 to march 2019, and ask us to pay interest@ 18% , for not reversing ITC .
In relation to imports it is general cause that some time short quantities and some times more quantities received , But based on which ITC reversal is genuine?
is there is any caselaws or section to protect our selves.
thanking you
Our organisation is Import based manufacturing concern , While filing Bill of entry to release goods we paid IGST , and the same is claimed as ITC while filing GSTR 3B when it is reflected from ICEGATE portal.
Now my question is, Our GST officer reverse the part of ITC related to imports to the extent of Short quantity received from july 2017 to march 2019, and ask us to pay interest@ 18% , for not reversing ITC .
In relation to imports it is general cause that some time short quantities and some times more quantities received , But based on which ITC reversal is genuine?
is there is any caselaws or section to protect our selves.
thanking you
01 May 2021
As per GST Rules of ITC, reversal of ITC is required for loss of stock.
Hence the reversal of ITC for short quantity received is genuine.
Hence the reversal of ITC for short quantity received is genuine.
01 May 2021
ITC on inputs lost in transit will have to be reversed along with interest. If department identifies such loss then it will also impose penalty
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