Goods and Services Tax – Started By: – MEHUL ASHAR – Dated:- 26-6-2017 Last Replied Date:- 27-6-2017 – Respected Sir, As regarding above subject, my query is whatever would be the closing balance of cenvat & vat A/c on 30-06-17, would it be considered as opening balance of CGST & SGST ON 01-07-17.Please reply. – Reply By Rajagopalan Ranganathan – The Reply = Sir, Section 140 (1) and 140 (2) of CGST Act, 2017 provides that- 140. (1) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, the amount of CENVAT credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished by him under the
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
of capital goods, not carried forward in a return, furnished under the existing law by him, for the period ending with the day immediately preceding the appointed day in such manner as may be prescribed: Provided that the registered person shall not be allowed to take credit unless the said credit was admissible as CENVAT credit under the existing law and is also admissible as input tax credit under this Act. Explanation.-For the purposes of this sub-section, the expression unavailed CENVAT credit means the amount that remains after subtracting the amount of CENVAT credit already availed in respect of capital goods by the taxable person under the existing law from the aggregate amount of CENVAT credit to which the said person was entitled
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =