One of my client has deposited RCM on freight from FY 2017-18 to 2020-21 on receiving Audit Memo during 2023-24. Whether he can now claim it as Input Tax Credit.

    By
    GIG Team
    -
    0
    108
    Back to Archive
    Keyword
    Select Category
    Question Status
    Ask Question
    0
    GIG Team
    Sep 30, 2023 05:55 PM 1 Answers Input Tax Credit
    Member Since Aug 2023
    Closed
    Subscribed Subscribe Not subscribe
    Flag(0)
    0 Subscribers
    Question is closed, you can't answer or comment.
    1 Answers
    Sort By:
    Best Answer
    0
    GIG Team
    Sep 30, 2023
    Flag(0)

    Yes, he can claim refund on ocean freight if credit of such amount is not taken by the assessee. The levy of IGST on ocean freight through notification had been declared ultra vires by the Apex Court in case of Union of India vs. Mohit Minerals Pvt. Ltd [2022] 138 taxmann.com 331 (SC). Basis this decision, refund has been allowed by High courts of deposited tax in many cases including Torrent Power Ltd. v. Union of India - [2022] 142 taxmann.com 314 (Gujarat).