What are the provisions under GST for transfer of ACD and CVD paid by the importer/dealer on the closing stock which will transfer to GST on 1st July when GST will get implemented.
What records need to be maintained and how to apply for the same.
Regards
Sachin
Concerns Raised Over Transfer of Additional Customs Duty and Countervailing Duty to GST Under Section 140 of CGST Act 2017. A discussion on the transfer of Additional Customs Duty (ACD) and Countervailing Duty (CVD) to Goods and Services Tax (GST) raised concerns about the provisions under GST for these duties on closing stock as of July 1, 2017. The explanation under Section 140 of the CGST Act, 2017, allows for the transfer of these duties. Queries were raised regarding the status of education cess and pending SAD refund files with the Customs Department. Participants sought clarity on maintaining records and applying for transfers and refunds under the new GST regime. (AI Summary)
TaxTMI 
TaxTMI 
