Clarification regarding procedure for recovery of arrears under the existing law and reversal of inadmissible input tax credit-reg.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arrears under the existing law and reversal of inadmissible input tax credit-reg. Kind attention is invited to the provisions of the Tripura State Goods and Services Tax Act, 2017 (hereinafter referred to as the TSGST Act) relating to the recovery of arrears of value added tax and input tax credit thereof, input tax credit carried forward erroneously and recovery of arrears of other taxes leviable under the existing law and related interest, penalty or late fee payable arising as a result of the proceedings of assessment, appeal, revision, review and reference etc. initiated before, on or after the appointed date under the provisions of the existing law or due to revision of return under the existing law. In this regard, representations ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arried forward in terms of transitional provisions as per section 140 of the TSGST Act subject to the conditions prescribed therein. Any credit which is not admissible in terms of section 140 of the TSGST Act shall not be allowed to be transitioned or carried forward and the same shall be recovered as an arrear of tax under the TSGST Act. iii) Recovery of arrears of value added tax and other taxes leviable under the existing law: a. Where in pursuance of an assessment or adjudication proceedings instituted, whether before, on or after the appointed day; under the existing law, any amount of tax, interest, fine or penalty becomes recoverable, the same shall, unless recovered under the existing law, be recovered as an arrear of tax unde....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he input tax credit of value added tax wrongly carried forward as transitional credit shall be recovered as State tax liability to be paid through the utilization of amounts available in the electronic credit ledger or electronic cash ledger of the registered person, and the same shall be recorded in Part II of the Electronic Liability Register (FORM GST PMT-01). (b) The arrears of value added tax, or wrongly availed input tax credit thereof and other taxes leviable under the existing law arising out of any of the situations discussed in para 2 above, shall, unless recovered under the existing law, be recovered as State tax liability to be paid through the utilization of amounts available in the electronic credit ledger or electron....