Rule 117 on Transitional Input Tax Credit: Time Limit is Directory, Not Mandatory; Three-Year Availment Period Confirmed.

Rule 117 on Transitional Input Tax Credit: Time Limit is Directory, Not Mandatory; Three-Year Availment Period Confirmed. https://www.taxtmi.com/highlights?id=53324 Transitional Input tax credit - availment of accumulated CENVAT by filing declaration Form TRAN-1 beyond the period provided under CGST Rules - Rule 117 is directory in nature, insofar as it prescribes the time-limit for transitioning of credit and therefore, the same would not result in the forfeiture of the rights, in case the credit is not availed within the period prescribed - the period of three years should be the guiding principle and thus a period of three years from the appointed date would be the maximum period for availing of such credit. en-us Thu, 07 May 2020 14:22:45 +0530 Thu, 07 May 2020 14:22:45 +0530 TaxTMI RSS Generator Rule 117 on Transitional Input Tax Credit: Time Limit is Directory, Not Mandatory; Three-Year Availment Period Confirmed. https://www.taxtmi.com/highlights?id=53324 Transitional Input tax credit - availment of accumulated CENVAT by filing declaration Form TRAN-1 beyond the period provided under CGST Rules - Rule 117 is directory in nature, insofar as it prescribes the time-limit for transitioning of credit and therefore, the same would not result in the forfeiture of the rights, in case the credit is not availed within the period prescribed - the period of three years should be the guiding principle and thus a period of three years from the appointed date would be the maximum period for availing of such credit. Highlights GST Thu, 07 May 2020 14:22:45 +0530 https://www.taxtmi.com/highlights?id=53324