The order by CETSTAT Delhi on Transition credit of CESS eligibility is good one.
Sec 140 allows eligible credits of erstwhile tax regimes to GST credit ledger but restrict CESSes.
The plain understanding is, all CESSes are not eligible as per @cbic_india officials
(1/4)
Sec 140 allows eligible credits of erstwhile tax regimes to GST credit ledger but restrict CESSes.
The plain understanding is, all CESSes are not eligible as per @cbic_india officials
(1/4)
Logically KKCESS & SBCESS are ineligible, Edu CESS & SHE CESS are eligible to transition, since Edu CESS & SHE CESS were allowed to utilized for BED, AED & Ser Tax.
The wordings drafted in GST act is not clear so there is a misunderstanding on Transitional Credit
(2/4)
The wordings drafted in GST act is not clear so there is a misunderstanding on Transitional Credit
(2/4)
India Inc suffered losses by making Closing Balance of Edu CESS & SHE CESS as of 30.06.2017 as Ineligible.
With the recent CETSTAT order this is a big relief.
But now @Infosys_GSTN has to come with the solution / process to avail the same, which pertains to 2017
(3/4)
With the recent CETSTAT order this is a big relief.
But now @Infosys_GSTN has to come with the solution / process to avail the same, which pertains to 2017
(3/4)
Also most of the businesses were already completed their GSTR9 & GSTR9C for 2017-18 without considering this CESSes and made payments unnecessarily
What will be the stand of @GST_Council in this regard? Whether to allow ITC in 2020-21 or to refund CESSes
Lets wait
(4/4)
What will be the stand of @GST_Council in this regard? Whether to allow ITC in 2020-21 or to refund CESSes
Lets wait
(4/4)
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