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of <h1>New Circular: Recovering Wrongly Availed CENVAT and Inadmissible Transitional Credit as Central Tax Liabilities via FORM GST DRC-03.</h1> The circular addresses the recovery process for arrears of wrongly availed CENVAT credit under existing law and inadmissible transitional credit in the GST regime. It mandates that such arrears be treated as central tax liabilities, payable through the electronic credit or cash ledger, and recorded in the Electronic Liability Register. Taxpayers can discharge these liabilities voluntarily or through a formal order, with payments made using FORM GST DRC-03. The previous method of reversing credits via FORM GSTR-3B is no longer available. Applicable interest and penalties must also be paid. Trade notices are requested to publicize these instructions.
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