CENVAT credit transitioned was utilised during composite period by the builder.

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..... 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 carried forward all ITC including ITC o .....

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..... n 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 reverse the entire ITC. The builder .....

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..... reversed the ITC carried forward relating to regular purchases but opposed reversing of CENVAT credit contending that the restriction of transitional CENVAT credit under sec. 17(2) r/w rule 42 does no .....

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..... t 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 credit? - Reply By Shilpi Jain - Th .....

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..... e 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 Peruse the comprehensive discussion o .....

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..... n the subject query at Issue ID No.119302 . - CENVAT credit transitioned was utilised during composite period by the builder. - Query Started By: - KALLESHAMURTHY MURTHY Dated:- 22-9-2024 Last Repli .....

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..... ed Date:- 23-9-2024 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - t .....

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..... axmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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