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Draft Rule for issue of Credit Transfer Document to be inserted in the CENVAT Credit Rules, 2004 for transfer of cenvat credit paid on specified goods available with a trader as on appointed date

Goods and Services Tax - GST - Dated:- 7-6-2017 - A.(1) A manufacturer who was registered under Central Excise Act, 1944 (hereafter referred as manufacturer in this rule) may issue a document called Credit Transfer Document to evidence payment of duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985, paid on goods manufactured and cleared by him before the date on which CGST Act, 2017 comes into force, under the cover of an invoice issued to a person who was not r .....

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d duty payment relatable to each piece of such goods is maintained by the manufacturer and are made available for verification on demand by a Central Excise officer. (iii) The Credit Transfer Document shall be serially numbered and shall contain the Central Excise registration number, address of the concerned Central Excise Division, name, address and GSTIN number of the person to whom it is issued, description, classification, invoice number with date of removal, mode of transport and vehicle r .....

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all be enclosed with the Credit Transfer Document. (vi) Copies of all invoices relating to buying and selling from manufacturer to the dealer, through intermediate dealers, is maintained by the dealer availing credit using CTDs. (vii) CTD shall not be issued in favour of a dealer to whom invoice was issued for the same goods before the appointed date. (viii) A dealer availing credit using Credit Transfer Document on manufactured goods shall not be eligible to avail credit under provision of rule .....

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twice on the same goods under the provisions of CGST Act, 2017 and the rules made thereunder, he shall be jointly and severally responsible for excess credit availed by the dealer and provisions for recovery of credit, interest and penalty under the CENVAT Credit Rules, 2004 shall apply mutatis-mutandis on such manufacturer. (3) A manufacturer issuing a Credit Transfer Document shall submit details thereof in table 1 of TRANS 3 on common portal within sixty days of the appointed date. (4) A dea .....

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