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of <h1>CGST Act Clarification: Transition of CENVAT Credit u/s 140(1) Excludes Cesses, Covers Eligible Duties Only.</h1> The Central Board of Indirect Taxes & Customs issued a clarification regarding section 140(1) of the Central Goods and Services Tax (CGST) Act, 2017, as amended by the CGST (Amendment) Act, 2018. The amendment allows the transition of CENVAT credit for 'eligible duties' from the previous tax regime, including service tax credit. The term 'eligible duties' encompasses duties listed in explanations to section 140, excluding conditions related to goods in stock or in transit. The transition of credit for cesses is not permitted. This notice aims to inform relevant authorities and industry stakeholders about these clarifications.
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