CVD and Trasn 1 credit

[Rahul Bagaria]

Hi , My company could not transfer the CVD credit benefit to the existing dealers in 2017. Now for the same dealers we also have debit balance . Is it possible to adjust the same by means of book accounting entry

Rahul Bagaria

AI Summary

Company Faces CVD Credit Adjustment Issues; Transitional Credit Claims Extended to June 2020 Per Delhi HC Decision A company inquired about adjusting CVD credit benefits that were not transferred to dealers in 2017, now facing a debit balance, through book accounting entries. One response highlighted that the deadline for filing Form GST TRAN-1 was extended to March 31, 2020, due to technical issues, and emphasized that credits must be entered into the electronic credit ledger, not just adjusted in books. Another response referenced a Delhi High Court decision allowing transitional credit claims until June 30, 2020, suggesting a three-year limitation period instead of the 90 days stipulated in GST law.