Transitional credit

[SUBRATA RAY]

My query is whether VAT suffered on MRP goods as 1st stage dealer and not taken credit in vat regime would be entitle to take credit as transitional credit on the stock as on 30.06.2017 on the basis of tax invoice of VAT regime

AI Summary

Eligibility to Claim Transitional Credit for VAT on MRP Goods Under CGST Act and Rules Explained A user inquired about the eligibility to claim transitional credit for VAT on MRP goods as a first-stage dealer, which wasn't claimed during the VAT regime, based on tax invoices from that period. One response clarified that under Section 140(1) of the CGST Act, 2017, and Rule 117(1) of the CGST Rules, 2017, credit must be claimed by submitting FORM GST TRAN-1 within 90 days from July 1, 2017. Since the credit wasn't claimed before July 1, 2017, it's now impossible to claim it. Another response suggested attempting to file TRANS-2 following a Supreme Court order from July 27, 2022.