Time Limit to Avail ITC of Import IGST paid via Re-assessed Bill of Entry is governed by Section 16(4) CGST Act: AAR in Becton, Dickinson India’s Case

The AAR (Authority for Advance Ruling) has ruled in the case of Becton Dickinson India that the "time limit to avail ITC of import IGST paid via a re-assessed bill of entry is governed by Section 16(4) of the CGST Act." This ruling clarifies that the time limit for availing Input Tax Credit (ITC) on differential IGST payments, which are made as a result of a re-assessed bill of entry, is tied to the financial year of the original import. This decision provides clarity to businesses on a complex issue related to import duties and tax credits.