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2021 (5) TMI 285 - HC - GSTValidity of SCN - Carried forward Input Tax Credit in TRAN-1 from the era of Service Tax under Finance Act, 1994 to the era of GST - Eligible services or not - HELD THAT:- A perusal of the notice indicates that there was a verification of the Form TRAN-1 by the Audit Department of the GST and it was noticed that Cenvat credit had been availed on various services relating to investments in shares, debentures, mutual fund, securitization etc. The officer was of the opinion that since the receipts from the aforesaid avenues was exempted, the availment of the credit was itself not in order. The availment of Cenvat credit on services related to the provision of food, accommodation and travels was also questioned by the Officer on the ground that it is not eligible. The same goes with regard to the credit related to registry operations, custodial services, trustee for debenture and convertible note issues, securitization facilities as well as services related to parking and auction seized vehicle. Thus the Officer classifies the aforesaid services as those in respect of which Cenvat credit ought not to have been transitioned in terms of Section 141 of the Act, per se. Let the petitioner put forth its objections in regard to the proposed reversal of carried-forward of input tax credit within a period of four weeks from today. Petition dismissed.
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