Surplus of cenvat

[NAVIN SINGHAL]

what will be the treatment for surplus of cenvat, service tax and vat at the time of enactment of gst.

[Mukesh Kumar]

It is too early to comment on this query; but keeping the whole concept into mind, I am confident that the surplus / unutilized balance of cenvat, service tax, vat etc. will be allowed to pay GST as valid credit.

[DEV KUMAR KOTHARI]

Rightly said by other reader it is premature query. Keeping in mind past trend, credit should be allowed in new regime of GST. Better the initiator shoudl also send his vies and experience on subject. This column of www.taxtmi.com is to initiate discussion and ascertain various possible views to further the object of learning and sharing knowledge and to clear doubts. The issue placed should include some basic information about the subject matter so that readers can at least have some idea about the issue, problem,related provisions and off course the views of the initiator of the issue. This will be helpful in getting better response from learned readers. In absence of the same, the readers cannot be serious about the issue and willing to spare time to merely provide information and solutions. This is my personal view.

AI Summary

Discussion on Surplus CENVAT, Service Tax, VAT Treatment Post-GST Implementation; Valid Credit Likely Under GST. A query was raised about the treatment of surplus CENVAT, service tax, and VAT upon the implementation of GST. One respondent noted that it is premature to provide a definitive answer but expressed confidence that the surplus would likely be allowed as valid credit under GST. Another respondent agreed, highlighting the importance of sharing views and experiences to enhance understanding. They emphasized the need for detailed information in queries to facilitate meaningful discussions and responses, suggesting that comprehensive background details would encourage more informed contributions from readers.