TMI BlogRecovery of arrears of wrongly availed credit under the existing law and inadmissible transitional credit.X X X X Extracts X X X X X X X X Extracts X X X X ..... ly availed credit under the existing law and inadmissible transitional credit - regarding . No. CT/GST-15/2017/183.- Various representations have been received seeking clarification on the process of recovery of arrears of wrongly availed Value Added Tax credit under the existing law and input tax credit wrongly carried forward as transitional credit in the GST regime. In order to ensure unif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RM GST PMT-01 ). 3. Currently, the functionality to record this liability in the electronic liability register is not available on the common portal. Therefore, it is clarified that as an alternative method, taxpayers may reverse the wrongly availed credit under the existing law and inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B. The applicable interest and penalty sha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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