https://www.taxtmi.com/article/detailed?id=8219 Retrospective amendment to Section 140(1) excludes Cess credit from carry forward into GST, requiring taxpayers who carried forward such balances to reverse them as irregular ITC. Unused carried-forward Cess credit attracts no interest for mere availment, but where such credit was utilized to pay GST, the tax must be repaid with interest from the date of utilization until reversal. Taxpayers should reverse via GSTR 3B entries, notify the department, pay in cash if ledger credit is insufficient, pursue representations for waiver, or seek refund under pre GST law where available. en-us Thu, 25 Oct 2018 08:49:32 +0530 Thu, 25 Oct 2018 08:49:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8219 Retrospective amendment to Section 140(1) excludes Cess credit from carry forward into GST, requiring taxpayers who carried forward such balances to reverse them as irregular ITC. Unused carried-forward Cess credit attracts no interest for mere availment, but where such credit was utilized to pay GST, the tax must be repaid with interest from the date of utilization until reversal. Taxpayers should reverse via GSTR 3B entries, notify the department, pay in cash if ledger credit is insufficient, pursue representations for waiver, or seek refund under pre GST law where available. Articles Goods and Services Tax - GST Thu, 25 Oct 2018 08:49:32 +0530 https://www.taxtmi.com/article/detailed?id=8219