The Central Board of Indirect Taxes and Customs (CBIC) has issued   Notification No.  43/2020- Central Tax  dated  16-05-2020 regarding captioned topic  which pertains to transitional credit.

 

 

We understand that as an effect of this notification,  the Central Government hereby appoints the 18th day of May, 2020, as the date on which the provisions of Section 128 of the said Act, shall come into force.

 

 

 

You might be aware,  that Union Budget 2020-21 had inserted section 128 in the Finance Act providing a retrospective amendment in section 140 of CGST Act, granting power to prescribe a time limit for transitioning credit. (Provision to disallow belated Transitional Credit Claims Retrospectively).

 

 

Members are requested to take note of this notification regarding time limit for claiming transitional credit and do the needful, if applicable.

 

The said notification is also available for reference using below link:-

 

https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-43-central-tax-english-2020.pdf

 

 

 

In case of any concerns, members may also write to us on email ids-  ed@chemexcil.gov.in and  deepak.gupta@chemexcil.gov.in  for records and further deliberations, if needed.