Closing balance of cenvat A/c & Vat A/c

[MEHUL ASHAR]

Respected Sir,

As regarding above subject, my query is whatever would be the closing balance of cenvat & vat A/c on 30-06-17, would it be considered as opening balance of CGST & SGST ON 01-07-17.Please reply.

AI Summary

CENVAT and VAT balances as of June 30, 2017, can be carried forward under Section 140 of CGST Act, 2017. A query was raised regarding whether the closing balance of CENVAT and VAT accounts on June 30, 2017, would be considered as the opening balance for CGST and SGST on July 1, 2017. In response, it was explained that under Section 140 (1) and (2) of the CGST Act, 2017, a registered person can carry forward CENVAT credit to the electronic credit ledger, provided certain conditions are met. These include the credit being admissible under both the existing and new laws, and all required returns having been filed. The original inquirer expressed gratitude for the clarification.