Draft Rule for issue of Credit Transfer Document to be inserted in the CENVAT Credit Rules, 2004 for transfer of cenvat credit paid on specified goods available with a trader as on appointed date
GST
Dated:- 7-6-2017
A.(1) A manufacturer who was registered under Central Excise Act, 1944 (hereafter referred as manufacturer in this rule) may issue a document called Credit Transfer Document to evidence payment of duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985, paid on goods manufactured and cleared by him before the date on which CGST Act, 2017 comes into force, under the cover of an invoice issued to a person who was not registered under the Central Excise Act, 1944 but is registered under the provisions of CGST Act, 2017 (hereafter referred to as dealer in this rule), subject to following limitations, conditions and procedures to be followed –
(i) The value of such goods in higher than rupees twenty five thousand per piece, bears th
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h it was cleared by him.
(v) Credit Transfer Document shall be issued within 30 days of the appointed date on which CGST Act, 2017 comes into force and copy of the corresponding invoices shall be enclosed with the Credit Transfer Document.
(vi) Copies of all invoices relating to buying and selling from manufacturer to the dealer, through intermediate dealers, is maintained by the dealer availing credit using CTDs.
(vii) CTD shall not be issued in favour of a dealer to whom invoice was issued for the same goods before the appointed date.
(viii) A dealer availing credit using Credit Transfer Document on manufactured goods shall not be eligible to avail credit under provision of rule 1(4) of Transition Rules made under CGST Act, 2017 on identical goods manufactured by the same manufacturer available in the stock of the dealer.
(ix) The dealer availing credit on the basis of Credit Transfer Document shall , at the time of making supply of such goods, mention the corresponding Cre
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r for verification on demand.
(6) Dealers availing credit on CTDs shall maintain record in the form TRANS 3B and such record shall be made available to the Central Excise officer for verification on demand.
[Note: Rule 9 of the CENVAT Credit Rules, 2004 shall be also amended to include Credit Transfer Document in the list of documents using which credit can be availed subject to the condition that such Credit Transfer Document is issued after the appointed date and within thirty days of the appointed date ]
Incorporate in TRANS 3
1 To be filed by manufacturer issuing CTDs
S. No.
GSTIN of the dealer whom CTD is issued
Total No. of CTDs issued
No. of invoices against which CTDs have been issued
Total quantity for which CTD issued
Total value of Goods for which CTDs have been issued
Central Excise duty paid on such goods.
2 To be filed by dealer availing Credit on CTD.
S. No.
GSTIN of the dealer issuing CTDs
Total No. of CTD received
No. of invoices against which
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