Transiting ISD Credits: Battle half won, but clock is still ticking !!!

by | Nov 17, 2022 | Articles

Transition of erstwhile credits into GST regime has remained a vexed issue due to drafting insufficiencies and technical glitches of GST portal. The legislature even had to bring retrospective amendments to correct some drafting mistakes / misses in the transitional provisions. Finally, the Supreme Court had to intervene and direct the Central Board of Indirect Taxes and Customs to open the GST Portal to allow taxpayers to file / revise their GST TRAN-1 and TRAN-2. One significant issue that have crept in and has industry wide ramifications is revenue’s denial of transitioning of unutilized Credit balance by an Input Service Distributor.

Through this article, our Partner Mr. Deepak Suneja, Managing Associate Mr. Nikhil Nagpal and Associate Mr. Rishabh Galhotra have deliberated upon the canvas on which this controversy has been depicted including the recent jurisprudence pronounced in his regard and discussed the way forward.

Please click on the below link to read our latest article titled “Transiting ISD Credits: Battle half won, but clock is still ticking !!!”

NITYA I Transiting ISD Credits Battle half won, but clock is still ticking !!! I Indirect Tax I Article 108

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