https://www.taxtmi.com/forum/issue?id=116734 The issue concerns whether polyester staple fibre held on the appointed day, which was subject to a fixed duty under Notification No. 1/2011 and treated as exempt under prior cenvat rules, qualifies for transitional credit in Tran 1. Majority views rely on Section 140(3)(i) and Section 140(6) of the CGST Act to permit credit for inputs held in stock if they are used or intended for taxable supplies; a dissenting view invokes the proviso to Section 140(1) to argue that credits related to goods covered by exemption notifications are not admissible. en-us Thu, 24 Sep 2020 19:43:00 +0530 Thu, 23 Jan 2025 15:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116734 The issue concerns whether polyester staple fibre held on the appointed day, which was subject to a fixed duty under Notification No. 1/2011 and treated as exempt under prior cenvat rules, qualifies for transitional credit in Tran 1. Majority views rely on Section 140(3)(i) and Section 140(6) of the CGST Act to permit credit for inputs held in stock if they are used or intended for taxable supplies; a dissenting view invokes the proviso to Section 140(1) to argue that credits related to goods covered by exemption notifications are not admissible. Discussion-Forum GST Thu, 24 Sep 2020 19:43:00 +0530 https://www.taxtmi.com/forum/issue?id=116734