Chartered Accountant
39039 Points
Joined September 2008
The credit carried forward is in 2 ways:
1. ITC available in your VAT or cenvat returns ( you may like to reconcile to your books to ensure all credits availed + ensure that no credits missed out in earlier years + see whether the refund applications on accumulated made are likely to come or not- if not then withdraw and avail in the VAT or Cnevat credit a/c and then carry forward )
2. Duty paid on stocks in hand if no credit availed in the past due to exemption etc- can be availed by making a cliam on tax paid good in hand as on 1st July. In this case the duty paid ( excise + VAT shouldbe available in the invoice- you may need to start purchasing with the info of Central excise paid being indicated in invoice ( buy from manufacturer or dealer regd under CE)