How the credit be transferred in GST by service provider as the service tax return is filed in April 17
Reply by GST @ Gol
The balance credit as per return will be available under Section 140 of the CGST Act.
Transitional arrangements for input tax credit is defined in section 140 of CGST Act.
Relevant extract is as follows:
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 existing law in such manner as may be prescribed:
Provided that the registered person shall not be allowed to take credit in the following circumstances, namely:—
(i) where the said amount of credit is not admissible as input tax credit under this Act; or
(ii) where he has not furnished all the returns required under the existing law for the period of six months immediately preceding the appointed date; or
(iii) where the said amount of credit relates to goods manufactured and cleared under such exemption notifications as are notified by the Government.
Service tax return in GST