Reconciliation of ITC on imported goods from July 2017 onwards and availing missed ITC
A new facility has been introduced on GST portal wherein the taxpayers can view details of Bill of Entry (BOE) filed for goods imported through EDI ports. These details are available for the period July 2017 onwards in GSTR-2A (under Dashboard->Returns->GSTR-2A->Part D). A screenshot of the same has been provided below.
NITYA Comments: After introduction of this facility, the Government has started issuing mis-match notices to taxpayers for differences between ITC on imported goods availed in GSTR-3B vis-à-vis ITC appearing in GSTR-2A. Therefore, it is important for taxpayers to undertake this reconciliation on their own.
Further, there is no time limit for availing ITC on imported goods. Section 16(4) of the Central Goods and Services Tax Act, 2017 prescribes time limit for availing ITC on tax invoice or debit note and not on BOE. Therefore, taxpayers can avail missed ITC if they find on reconciliation of ITC availed on imported goods vis-à-vis details appearing in GSTR-2A.