Input Tax Credit

[Navin Verma]

We are Industrial Gas manufacturer.

We are SSI unit and At present we have opted Central Excise exempted and we are not charging excise duty for sale of Gases and we have not claimed the Excise duty paid for our purchases so for . Also we have not mentioned our Excise duty portion in our ER3 Return.

As per GST regime can we claim ITC of Excise duty for our Existing purchases available in the closing stock of Gases & Capital Goods as on 30.06.2017

Please clarify.

[KASTURI SETHI]

You are entitled to carry forward input credit (Cenvat). Procedure and percentage mentioned in FAQs published by CBEC in newspapers and on CBEC's site.

[Navin Verma]

Thank you sir

AI Summary

Input tax credit entitlement under GST: carry forward existing Cenvat credit for closing stock subject to prescribed procedure and percentages. Entitlement to carry forward CENVAT into GST input tax credit is available for inputs and capital goods in closing stock at transition, subject to the transitional procedure and prescribed percentage apportionment set out in official FAQs and guidance; affected taxpayers must follow those steps to convert existing CENVAT into GST ITC.