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EY Update
This tax alert summarises a recent ruling of Andhra Pradesh Appellate Authority for Advance Ruling. The issue involved was whether the input tax credit can be claimed on tax invoice dated April 01, 2020 issued for supply made during the financial year 2018-19.
This ruling is likely to have significant implications on businesses, especially where tax has been paid for the past period at the time of filing annual return, or in response to departmental audit.
Considering the ambiguity around the interpretation of section 16(4), the government should address the matter in line with the clarification issued in respect of debit note.
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