Panasonic liable to Reverse GST ITC on Supply of Goods before Clearance for Home Consumption: AAR

Panasonic Liable to Reverse GST ITC: The Authority for Advance Rulings (AAR) ruled that Panasonic is liable to reverse the Input Tax Credit (ITC) on goods supplied before clearance for home consumption. The case pertained to the taxability of ITC on goods sent to a special warehouse. The AAR concluded that ITC cannot be claimed before actual clearance, as goods still in the warehouse are not deemed consumed for domestic purposes. This decision clarifies GST provisions related to the timing of ITC claims in such transactions.