treatment of accumlated cenvat

[Arun Aggarwal]

Sir

I would like to repeat my question after all the clarifications and implementation of GST is final.

I would be left with the stocks on which I have taken cenvat as a registered excise manufacturer./dealer

Under GST the rates are much lower than the rates of excise/cenvat I have paid

The query is that how to take the refund of that balance, as per sec 140 of GST there is no provision of refund but only for the carry forward of ITC and to adjust the same in 180 days which is not possible for me , and sec 54 is not applicable for the transitional period refunds but for the regular GST transactions in future.

Pls correct me if I am wrong in the interpretation of sections under GST.

Arun

[DR.MARIAPPAN GOVINDARAJAN]

We may think the possibility of getting refund under CENVAT Credit Rules, 2004.

AI Summary

Transitional input tax credit: resolving unused excise/CENVAT credit on retained stocks via carry forward or pre GST rules.
Registered excise taxpayers face unutilised excise/CENVAT credit on retained stocks where GST rates are lower; section 140 permits carry forward and adjustment of transitional input tax credit rather than an express refund, and section 54's refund mechanism is not framed for transitional credits. Consideration may be given to remedies under the CENVAT Credit Rules, 2004 to determine whether a refund or alternative adjustment can be pursued, subject to comparing procedural and eligibility requirements between pre-GST rules and GST transitional provisions.