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Goods manufactured under excise regime now written off, Goods and Services Tax - GST |
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Goods manufactured under excise regime now written off |
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XYZ(Manufacturer) had transferred the unutilized CENVAT credit laying in balance as on July’17 to Electronic credit ledger under GST through TRAN – 1. They are holding certain manufactured stocks of excise regime which they now want to write off. Are they required to proportionately reverse the input tax credit since they had transferred the unutilized CENVAT credit through TRAN – 1 from Excise regime To GST regime? Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Yes, they have to definitely reverse the same and the consequences also in GST transfer.
Dear Sir, one of the condition in transitional provision was that the duty paid stock should be sold as taxable under GST. Since, some stock is not sold yet, then input tax credit to that extend is not admissible.
I support the views of both experts. Page: 1 Old Query - New Comments are closed. |
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