Dear Experts,
We are manufacturing dutiable as well as exempted products and taking Cenvat credit on those input only who related to dutiable products.
My question is can we take Input tax credit under GST on those input also who related to our exempted products ?
if yes, then should we take this credit on 30th June before GST implementation or 1st July after GST implementation ?
Please mention specific rule if any related to this situation.
Can Input Tax Credit Be Claimed for Exempt Goods Under GST? Insights on Section 140(4) of CGST Act A discussion on a forum addresses whether input tax credit (ITC) under the Goods and Services Tax (GST) can be claimed for inputs related to exempted products. The consensus among the respondents is that ITC cannot be claimed for inputs used in manufacturing exempt goods. However, if a product changes from exempt to taxable under GST, ITC may become available. Transitional provisions and specific sections, such as Section 140(4) of the CGST Act, are referenced for guidance. It is advised to verify if the product remains non-taxable, as ITC eligibility is contingent upon the product's tax status and proper return filing. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
