2023 (10) TMI 336

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....7/-, after adjusting a sum of Rs. 9,25,366/- as interest due from the petitioner on the amount utilized by the petitioner. 3. The specific case of the petitioner is that the petitioner could have asked for refund of the amount that was lying unutilized in the Personal Ledger Account under the provisions of the Central Excise Act, 1944, as on 30.06.2017. 4. However, by mistake, the petitioner transitioned the amount lying in its Personal Ledger Account on 23.08.2017 as if it were an Input Tax lying unutilized, in accordance with Section 140 of the Central Goods and Services Tax Act, 2017. 5. The further case of the petitioner is that the petitioner had a substantial balance in its Integrated Goods & Services Input Tax Credit Account....

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.... be paid at such rate not exceeding 24%. It is submitted that the GST Acts contemplates to match the Input Tax credit availed by the recipient with the details of outward supply of supplier and the same have been explained in Sections 42 and 43 of the Central Goods and Services Tax Act, 2017. 10. It is further submitted that those tax payers who migrated from VAT and or Central Excise Act, 1944, or Finance Act, 1994 were entitled to carry forward the legacy credit under Section 140 of the Central Goods and Services Tax Act, 2017. It is submitted that the petitioner had an option to carry forward legacy credit in its Electronic credit ledger by filing TRAN-1. In the present case, the petitioner had carried forward the legacy credit along ....

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....ction (2) of section 11B of the Central Excise Act, 1944: Provided that where any claim for refund of CENVAT credit is fully or partially rejected, the amount so rejected shall lapse: Provided further that no refund shall be allowed of any amount of CENVAT credit where the balance of the said amount as on the appointed day has been carried forward under this Act." 14. The fact also remains that the petitioner had sufficient balance of Input Tax credit availed on Integrated Tax as borne by the petitioner on the supplies made to the petitioner as per Section 49(5)(B) of the Central Goods and Services Tax Act, 2017. The aforesaid amount has to be first utilized towards the Integrated Tax liability and thereafter t....