CENVAT credit transitioned was utilised during composite period by the builder.

CENVAT credit transitioned was utilised during composite period by the builder. https://www.taxtmi.com/forum/issue?id=119319 A builder carried forward transitional CENVAT credit into a composition period after partially utilising it prior to 2019. Enforcement contends such carried-forward ITC must be reversed on migration to the composition scheme; the builder reversed ITC on regular purchases but disputes reversal of transitional CENVAT, arguing section 17(2) read with rule 42 does not restrict transitional CENVAT and that it remained available for utilisation against output tax up to 2022-23. The matter involves an interpretive conflict likely requiring judicial resolution. en-us Sun, 22 Sep 2024 23:07:38 +0530 Fri, 24 Jan 2025 10:40:18 +0530 TaxTMI RSS Generator CENVAT credit transitioned was utilised during composite period by the builder. https://www.taxtmi.com/forum/issue?id=119319 A builder carried forward transitional CENVAT credit into a composition period after partially utilising it prior to 2019. Enforcement contends such carried-forward ITC must be reversed on migration to the composition scheme; the builder reversed ITC on regular purchases but disputes reversal of transitional CENVAT, arguing section 17(2) read with rule 42 does not restrict transitional CENVAT and that it remained available for utilisation against output tax up to 2022-23. The matter involves an interpretive conflict likely requiring judicial resolution. Discussion-Forum GST Sun, 22 Sep 2024 23:07:38 +0530 https://www.taxtmi.com/forum/issue?id=119319