CREDIT TRANSFER DOCUMENT
By: – DR.MARIAPPAN GOVINDARAJAN
Goods and Services Tax – GST
Dated:- 15-6-2017<\/p>\n
The GST is expected to come into force with effect from 01.07.2017. The transition provisions will help the registered person to carry over the CENVAT credit benefit to the new GST regime subject to some conditions. In the meantime the Government released the draft rule for the issue of Credit Transfer Document. It is proposed to insert provisions in CENVAT Credit Rules, 2004 for transfer of CENVAT credit paid on specified goods available with a trader on appointed date, i.e., the date from which the GST will be implemented.
\nCredit Transfer Document
\nThis rule provides that a manufacturer who was registered under Central Excise Act, 1944 may issue the Credit Transfer Document ('CTD' for short). This document is to be issued to evidence payment of duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 paid on goods manufactured and clear<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ng conditions- = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n whom CTD is issued; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" CREDIT TRANSFER DOCUMENTBy: – DR.MARIAPPAN GOVINDARAJANGoods and Services Tax – GSTDated:- 15-6-2017 The GST is expected to come into force with effect from 01.07.2017. The transition provisions will help the registered person to carry over the CENVAT credit benefit to the new GST regime subject to some conditions. In the meantime the Government released the … Continue reading “CREDIT TRANSFER DOCUMENT”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3664","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3664"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3664\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n•The value of such goods in higher than ₹ 25000\/- per piece, bears the brand name of the manufacturer or the principal manufacturer and are identifiable as a distinct number such as chassis\/engine no. of a car.
\n• Verifiable records of clearance and duty 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;
\n• The manufacturer is to satisfy that the dealer is in possession of such manufactured goods in the form in which it was cleared by him;
\n• 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.
\n• It shall not be issued in favor of a dealer for the same goods before the appointed date.
\n• A dealer availing credit using this document shall not be eligible to avail credit under Rule 1(4) of Transition Rules under<\/p>\n
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\n• Total number of CTDs issued;
\n• Number of invoices against which CTDs have been issued;
\n• Total quantity for which CTD issues;
\n• Total value of Goods for which CTDs have been issued;
\n• Central Excise Duty paid on such goods.
\nIn Table 2 the following details to be furnished by the dealer-
\n• Sl. No.;
\n• GSTIN of the dealer whom CTD is issued;
\n• Total number of CTDs received;
\n• Number of invoices against which CTDs have been issued;
\n• Total quantity for which CTD issues;
\n• Total value of Goods for which CTDs have been issued;
\n• Central Excise Duty paid on such goods.
\nMaintaining of records
\nThe manufacturer as well as the dealer is required to maintain record for this purpose. The manufacturer shall maintain record in the form TRANS – 3A and the dealer shall maintain record in the form TRANS -3B. Such record shall be made available to the Central Excise Officer for verification on demand.
\nThe ma<\/p>\n
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