TaxTMI 
TaxTMI 
CENVAT CREDIT BALANCE
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....ENVAT CREDIT BALANCE<br> Query (Issue) Started By: - MARIAPPAN GOVINDARAJAN Dated:- 28-9-2016 Last Reply Date:- 2-10-2016 Central Excise<br>Got 7 Replies<br>Central Excise<br>It is expected that with effect from 01.04.2017 GST will be introduced. Definitely there will be balance of CENVAT credit for every manufacturer or provider of output service as on 31.03.2017. Such credit could not adjusted i....
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....n GST. Whether such balance may be allowed to be refunded? Any opinion in this regard please. Reply By Rajagopalan Ranganathan: The Reply: Sir, Section 16 (2) of Model GST Law provides that " a person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been granted such registration shall, subject to such condit....
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....ions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act. If this section is retained in the ensuing GST Law to be enacted by the Parliament then the r....
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....egistrant under GST Law is eligible to take the credit accrued to him under erstwhile laws. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Thank you, Sir. Whether the same is applicable for the credit on input services and capital goods? Reply By Ganeshan Kalyani: The Reply: The input credit balance declared in the return for the month of March 2017 (last return- assuming) shall be allowed to tak....
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....e credit in GST regime. Hence if Cenvat of input service is declared in the last return , then credit should be allowed. Reply By Ganeshan Kalyani: The Reply: The balance of 50% credit on capital goods to be taken in following year is allowed to be taken in GST regime. The provision is included in the draft law. Reply By Ganeshan Kalyani: The Reply: Sir I am doubtful about refund , but for cr....
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....edit I am sure. Reply By YAGAY AND SUN: The Reply: Under GST Transitional provisions CENVAT credit would be allowed on the stock held on 31-03-2017. Reply By Ganeshan Kalyani: The Reply: The credit should have been disclosed in the last return under gst.<br> Discussion Forum - Knowledge Sharing ....