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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

Rule 1 - Final Rules - Issue of Credit Transfer Document - Goods and Services Tax - Rule 1 - 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 T .....

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an invoice issued to a person who was not registered under the Central Excise Act, 1944 but is registered under the provisions of CGST Act, 2017 (hereafter referred to as dealer in this rule), subject to following limitations, conditions and procedur .....

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ar. (ii) Verifiable records of clearance and 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 .....

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of removal, mode of transport and vehicle registration number, rate of duty, quantity, value and duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 paid thereon. (iv) The manufacturer is satisfied that the dealer to .....

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e and copy of the corresponding invoices shall 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 availi .....

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ble to avail credit under provision of rule 1(4) of Transition Rules made under CGST Act, 2017 on identical goods manufactured by the same manufacturer available in the stock of the dealer. (ix) The dealer availing credit on the basis of Credit Trans .....

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such that credit of central tax is availed 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 recover .....

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