Dear Sir/Madam,
GST Notice # towards availing of 100% credit on capital goods in Trans-1 is irregular., whereas the provision and explanations allows only 'Unclaimed Balance Amount '.
My Query is that I Forget to take cenvat credit on Capital goods (Import ) (B/E related to May & June 2017 )., and also Not shown in ER-1,
Wether I Claimed I00% in Trans-1.
Regards
Claiming 100% GST Credit on Capital Goods Deemed Irregular; Only Unclaimed Balance Allowed Per Rules A user inquired about claiming 100% credit on capital goods in Trans-1 under GST, which was deemed irregular as only the 'Unclaimed Balance Amount' is allowed. The user forgot to claim CENVAT credit for capital goods imported in May and June 2017 and did not report it in ER-1. Responses indicated that only 50% credit can be claimed in the first year, and the remaining 50% in the subsequent year. If credit was unclaimed but eligible under CENVAT rules, it could be claimed in Trans-1, provided it was admissible under both the existing and new laws. (AI Summary)
TaxTMI 
TaxTMI 
