TaxTMI 
TaxTMI 
CENVAT credit transitioned was utilised during composite period by the builder.
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....ENVAT credit transitioned was utilised during composite period by the builder.<br> Query (Issue) Started By: - KALLESHAMURTHY MURTHY Dated:- 22-9-2024 Last Reply Date:- 23-9-2024 Goods and Services Ta....
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....x - GST<br>Got 2 Replies<br>GST<br>Dear all, A building contractor has availed transitional credit under CENVAT and utilised some part of it up to 2018-19. In 2019-20 he opted for composition but car....
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....ried forward all ITC including ITC on other purchases made up to 2018-19. The Enforcement authorities have identified that the ITC was wrongly carried forward into the composition period and asked to ....
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....reverse the entire ITC. The builder reversed the ITC carried forward relating to regular purchases but opposed reversing of CENVAT credit contending that the restriction of transitional CENVAT credit ....
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....under sec. 17(2) r/w rule 42 does not arise and is entirely eligible to utilise and also set off against output tax liability up to 2022-23. Is CENVAT utilised correctly, since he cannot forego CENVAT....
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.... credit? Reply By Shilpi Jain: The Reply: Possible argument. But this issue will be settled in Courts only in case anybody takes this stand. Reply By Sadanand Bulbule: The Reply: Dear Murthy Peru....
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....se the comprehensive discussion on the subject query at Issue ID No.119302.<br> Discussion Forum - Knowledge Sharing ....