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
Rule 1
Bill
Issue of Credit Transfer Document
Issue of Credit Transfer Document to be inserted in the CENVAT Credit Rules, 2004
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
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 excis
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payment relatable to each piece of such goods is maintained by the manufacturer and are made available for verification on demand by a Central Excise officer.
(iii) The Credit Transfer Document shall be serially numbered and shall contain the Central Excise registration number, address of the concerned Central Excise Division, name, address and GSTIN number of the person to whom it is issued, description, classification, invoice number with date of removal, mode of transport and vehicle registration number, rate of duty, quantity, value and duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 paid thereon.
(iv) The manufacturer is satisfied that the dealer to whom Credit Transfer Document is issued is i
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f 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 Credit Transfer Document number in the invoice issued by him under section 31 of the CGST Act, 2017.
(2) Where a manufacturer issues a Credit Transfer Document such that credit of central tax is availed twice on the same goods under the provisions of CGST Act, 2017 and the rules made thereunder, he shall be jointly and severally responsible for excess credit availed by the dealer and provisions for recovery of credit, interest and penalty
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