Brief summary of the case
Court: Supreme Court of India
Number: CIVIL APPEAL NO(S). 290 OF 2023
Petitioner: Union of India & ORS
Respondent: Cosmo Films Limited
Date of decision: 28.04.2023
Judges: Honourable Mr S. Ravindra Bhat, J.
The Supreme Court has in its decision dated 28.04.2023 in the case of UOI vs Cosmo Films Ltd in Civil Appeal No. 290/2023 relating to mandatory fulfilment of pre-import condition for availing IGST/ Cess exemption on Advance Authorisation imports during the period from 13102017 to 09.01.2019, allowed availment of Input Tax Credit of the Tax/Cess that is paid now. As the GST Law prescribes only Bill of Entry (BE) as a valid document for ITC purposes on imports and the ICES system does not have functionality for payment of Customs duties on BE after giving Out of Charge (OC), CBIC has prescribed the following procedure for payment of IGST/ Cess on the said imports to facilitate availment of ITC in line with the GST provisions.