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of <h1>CBEC Circular: Disputed CENVAT Credit Inadmissible from July 2017 Cannot Offset Tax, Must Submit Undertaking for Large Credits.</h1> The circular issued by the Central Board of Excise and Customs under Section 168 of the CGST Act addresses the non-transition and non-utilization of CENVAT credit in specific cases. It mandates that disputed CENVAT credit, deemed inadmissible by a final adjudication order as of July 1, 2017, should not be used to offset tax liabilities until resolved. If utilized, such credit will be recovered with interest and penalties. Blocked credit, ineligible under the Act, should not be carried forward or used. Taxpayers with disputed or blocked credit exceeding Rs. ten lakhs must submit an undertaking to the jurisdictional officer.
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