Time Limit for Availing ITC on Differential IGST Begins from Date of Re-assessment and not Initial...

The AAR has ruled that the time limit for availing Input Tax Credit (ITC) on differential IGST begins from the "date of re-assessment" and not the initial date of the bill of entry. The decision clarifies a critical aspect of tax compliance for importers. The AAR's ruling provides significant relief to businesses, as it ensures that they do not lose their right to claim ITC on differential tax payments simply because the re-assessment happens in a later financial year.