Articles 2nd Aug 2024
Many writ petitions were filed across India by the taxpayers’ facing issues while transitioning from old indirect tax regime into the new one. One such burning issue which remained unresolved even after 7 years of the GST coming into force was transition of CENVAT credit accumulated or received by Input Service Distributors (ISD) in the old regime. Budget 2024 proposed retrospective amendment to Section 140(7) of the CGST Act permitting transition of ISD credit even for invoices received prior to 01 July 2017. In this article we analyse the implications of the amendment and does it finally provide closure to the litigation.
Against this backdrop, Jitendra Motwani, Partner, and Rinkey Jassuja, Associate Partner, Economic Laws Practice have co-authored an article, “Transition of credit by an input service provider: Does the budget finally provide closure?” which has been published in ET Government.
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