Credit Transfer Document

[SUSHILKUMAR GOYAL]

What is Credit Transfer Document, as an amendment in Cenvat Credit Rules is proposed by GST Council at its meeting held on 3.6.2017.

AI Summary

Exploring the role of the Credit Transfer Document in claiming Input Tax Credit under GST transitional provisions. A discussion on the Credit Transfer Document (CTD) under the Goods and Services Tax (GST) system focuses on its role in transferring Cenvat credit to the electronic credit ledger. The CTD allows traders and dealers to claim Input Tax Credit (ITC) on high-value inventory held on the GST implementation date, preventing double taxation on goods already subject to central excise. Manufacturers must issue CTDs within 30 days to ensure dealers can claim ITC on such stock. The discussion also references the relevant GST transitional provisions and conditions under the CGST Act.