India Customs Agency Issues a Circular to Clarify Restrictions on Input Tax Credits

The Indian Central Board of Excise and Customs Nov. 11 issued a circular clarifying the restricted availability of the input tax credit (ITC) for invoices or debit notes, the details of which have not been uploaded by suppliers. The circular clarified that: 1) the restricted credit is available to taxpayers on a self-assessment basis; 2) the restriction imposed will be calculated on total eligible credits from all suppliers against all supplies; 3) registered taxpayers can claim the ITC up to 20 percent if details of invoices or debit notes were uploaded by the supplier; and 4) various filing requirements must ...