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of <h1>Registered GST users can carry forward CENVAT credit as ITC with FORM GST TRAN-1, subject to conditions.</h1> The transitional provisions under GST allow registered persons, excluding those opting for tax under Section 10, to carry forward CENVAT credit as Input Tax Credit (ITC) in their Electronic Credit Ledger. This includes credit on eligible duties for goods in stock and unavailed credit on capital goods, subject to conditions such as timely submission of FORM GST TRAN-1 and possession of valid invoices. Restrictions apply if returns were not filed for six months prior to the appointed day or if goods were cleared under exemption notifications. Recovery procedures are outlined for wrongly availed credits and arrears under existing laws.
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