https://www.taxtmi.com/article/detailed?id=17023 Transitional input tax credit carried forward through Form GST TRAN-1 is preserved for GST utilisation under Section 140, but its entry in the electronic credit ledger does not create a cash-refund entitlement. Section 54(3) refund for inverted duty accumulation is distinct from credit utilisation and does not override the restriction in the second proviso to Section 142(3) on credit already transitioned from an earlier regime. Taxpayers should identify the source of ledger credit before claiming refund. Where debited credit is not refundable, re-credit may be sought under Rule 93 through Form GST PMT-03. en-us Fri, 24 Jul 2026 08:36:58 +0530 Fri, 24 Jul 2026 08:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=17023 Transitional input tax credit carried forward through Form GST TRAN-1 is preserved for GST utilisation under Section 140, but its entry in the electronic credit ledger does not create a cash-refund entitlement. Section 54(3) refund for inverted duty accumulation is distinct from credit utilisation and does not override the restriction in the second proviso to Section 142(3) on credit already transitioned from an earlier regime. Taxpayers should identify the source of ledger credit before claiming refund. Where debited credit is not refundable, re-credit may be sought under Rule 93 through Form GST PMT-03. Articles Goods and Services Tax - GST Fri, 24 Jul 2026 08:36:58 +0530 https://www.taxtmi.com/article/detailed?id=17023