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Itc on service

27 February 2024

sir I want to know that if my cha made payment to my shipping line on behalf of me . can I avail ITC or rule will follow that ITC can be avail only after making payment with in 180 Days. thanks

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Money Money (413 Points)
Replied 27 February 2024

ITC Availability:
As per the recent amendments, a taxable person can avail ITC in respect of any invoice or debit note for supply of goods or services or both until the 30th day of November following the end of the financial year to which such invoice or debit note pertains or filing of the relevant annual return, whichever is earlier1.
In other words, the last date to avail ITC for invoices of a particular financial year would be the due date of filing of 30th November following the end of the relevant financial year or the filing of the relevant annual return under Section 44 of the CGST Act, 2017, whichever comes earlier1.
Payment Timeline:
If your cha (clearing house agent) made the payment to the shipping line on your behalf, you can still avail ITC.
However, it’s essential that you pay towards the supply of goods and/or services within 180 days from the invoice date2.
In summary, as long as the payment is made within the specified time frame, you can avail ITC even if your cha facilitated the payment on your behalf. Remember to adhere to the payment timeline to ensure eligibility for ITC. 📝💡.