TMI BlogTransition of closing balance of ISD as on 30.06.2017 into GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... We had closing balance of ISD Credit under Service Tax as on 30.06.2017 and carried forwarded the same through TRAN-1 form under GST. Now the department is objecting the same by stating that ISD balance cannot be transferred to GST through TRAN-1 as Section 140(1) is not allowing transition of ISD credit into GST. Whereas Section 140(7) is allowing the distribution of ISD credit of Service Tax in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST regime and the same is having overriding effect of all other provisions. Please have the considered opinion on the same. - Reply By Shilpi Jain - The Reply = The rightly eligible credit is a vested right and its transition should not be denied under GST. A very good case to fight. Below are relevant cases Samsung India challenges SCN proposing transitional-credit recovery from ISD before P H H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C 2024 (4) TMI 410 - PUNJAB AND HARYANA HIGH COURT P H HC issues Notice of Motion, grants ad-interim stay over proceedings arising out of SCN issued to Samsung India - 2024 (4) TMI 554 - PUNJAB AND HARYANA HIGH COURT [(Input Service Distributor (ISD)] u/s 74 of the CGST Act r/w Rule 121 of the CGST Rules , seeking recovery of transitional credit; SCN proposed recovery of credit transitioned u/s 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 of the CGST Act by the Petitioner through Form TRAN-1 on the ground that ISD was not permitted to transition the credit under the GST Regime... Recently, Bombay HC [ 2024 (3) TMI 272 - BOMBAY HIGH COURT ] , while hearing a batch of writs on whether Input Service Distributors (ISDs) are entitled to transition the undistributed credit lying with them as on June 30, 2017 has sought GST Council' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s assistance in taking appropriate view of the matter - Reply By KASTURI SETHI - The Reply = Dear Querist, Yes. Section 140(7) of CGST Act will have overriding effect. ISD credit of Service Tax pertaining to pre-GST era can be transitioned, even if invoices are received after 30.6.17 - Reply By KASTURI SETHI - The Reply = Also see the judgement of Bombay High Court in the case of Siemens India Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Vs. UOI ( 2024 (3) TMI 272 - BOMBAY HIGH COURT) . Stay already granted in favour of the party will continue. Next date of hearing 09.8.2024. - Reply By Ganeshan Kalyani - The Reply = I agree with the view of the experts - Transition of closing balance of ISD as on 30.06.2017 into GST - Query Started By: - SHREE CEMENT Dated:- 16-3-2024 Last Replied Date:- 25-3-2024 Goods and Services Tax - GST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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