Cenvat Credit related to capital goods

[NANDA H.L.]

Dear Experts

Kindly share your opinion for the following issue.

1. The capital goods credit balance 50% related to this financial year 2017-18, what are the procedure to take balance 50% credit & how to account in GST

2. Some of the pending Service bills, we will make the payment in July & Aug'17. How to claim the Service Tax after the payment in GST

3. The Cenvat Credit balance & PLA balance how to carryout forward & account in GST.

4. Some of the raw material purchased in Jan'17, it is not consumed. We have taken the input credit. Need to reverse the credit, since the GST is rolling out?

Pl share your valuable points.

[MUKUND THAKKAR]

1. The capital goods credit balance 50% related to this financial year 2017-18, what are the procedure to take balance 50% credit & how to account in GST.

please follow the section 140(1) and submitted the details in TRN-1. to filed by 29th August -2017

2. Some of the pending Service bills, we will make the payment in July & Aug'17. How to claim the Service Tax after the payment in GST.

please follow the section 140(1) and submitted the details in TRN-1. to filed by 29th August -2017

3.The Cenvat Credit balance & PLA balance how to carryout forward & account in GST.

it will come Automatically based on ER-1 filed for the month of June-2017.

4. Some of the raw material purchased in Jan'17, it is not consumed. We have taken the input credit. Need to reverse the credit, since the GST is rolling out?

you are Eligible to take credit Immediately after receiving goods as per present cenvat rules. it is not necessary same has been consumed or not. if you are showing as written off in books of account than you need to reverse the same.

AI Summary

Transitional input tax credit: follow section 140(1) and file TRN 1 to carry forward unavailed credits into GST. Transitional treatment requires following section 140(1) and submitting TRN 1 to claim remaining capital goods credit and pending service tax credits; opening Cenvat and provisional ledger balances migrate automatically via the electronic return filings, while input credit for goods received pre-transition remains available unless those goods have been written off in the books, in which case reversal is required.