Cenvat carried forward

[Arun Aggarwal]

Sir

I am an exporter duely registered with excise as a manufacturer and taking cenvat on my purchases,

as I am exporting my products under bond without using the cenvat, resulting accumlated cenvat in my books.

now after GST can I carry the same as input credit and to be used as payment of GST

or I will get the refund under GST of the same

or should I take the refund under rule 5 from excise before implemtation of GST

Arun

[DR.MARIAPPAN GOVINDARAJAN]

In my view it is better to take the refund under rule 5 from excise before implementation of GST.

[KASTURI SETHI]

I support the views of Sh.Maraippan Govindarajan, Sir. 100% credit would not be allowed to carry forward. If you apply before the date of implementation of GST, you are entitled to refund in full.

[Himansu Sekhar]

Section 140 of central tax allows you to carry forward the. Credit

[Himansu Sekhar]

Refund under rule 5 is an option

AI Summary

Input tax credit carryforward may be available under transitional provision; earlier excise refund is advised as an alternative.
Taxpayers holding accumulated cenvat from exports under bond face two operative choices at GST introduction: obtain a pre GST excise refund under the existing refund rule to realize the accumulated credit in cash, or rely on the GST transitional provision permitting carry forward of eligible cenvat as input tax credit; some practitioners recommend claiming the excise refund before GST for greater certainty.