https://www.taxtmi.com/highlights?id=76895 Transitional credit - Unutilized amount of Advanced VAT paid - The court found that if the amount of advance tax paid under the VAT regime remained unutilized, it should be allowed to transition to the GST regime u/s 140 of the TNGST Act, 2017. This section clearly allows the transitioning of unutilized VAT and Entry Tax. Citing decisions from the Telangana and Madras High Courts, the judge supported a purposive interpretation of Section 140, which should extend to advance tax paid and unutilized under the previous tax regime. en-us Thu, 25 Apr 2024 21:42:45 +0530 Thu, 25 Apr 2024 21:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76895 Transitional credit - Unutilized amount of Advanced VAT paid - The court found that if the amount of advance tax paid under the VAT regime remained unutilized, it should be allowed to transition to the GST regime u/s 140 of the TNGST Act, 2017. This section clearly allows the transitioning of unutilized VAT and Entry Tax. Citing decisions from the Telangana and Madras High Courts, the judge supported a purposive interpretation of Section 140, which should extend to advance tax paid and unutilized under the previous tax regime. Highlights GST Thu, 25 Apr 2024 21:42:45 +0530 https://www.taxtmi.com/highlights?id=76895