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of <h1>CBIC Circular: Settle Wrongly Availed CENVAT and Transitional Credits as Central Tax via GSTR-3B with Interest and Penalties.</h1> The Central Board of Indirect Taxes & Customs has issued a circular to address the recovery of arrears from wrongly availed CENVAT credit under previous laws and inadmissible transitional credit in the GST regime. It clarifies that such arrears should be settled as central tax liabilities using the electronic credit or cash ledger. Due to the current unavailability of functionality on the common portal, taxpayers are advised to reverse the credits through FORM GSTR-3B, with applicable interest and penalties. Commissioners and trade associations are urged to disseminate this information to their respective jurisdictions and members.
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