ITC Reversal of Transitional Credit

Kallol Sarkar (Accountant) (188 Points)

05 June 2023  

As per Rule 37 of CGST Act, ITC claim will be reversed if supplier is not being paid within 180 days.

Is the said rule also applicable for Transitional Credit (Cenvat, VAT at-hand as on 01.07.17) ?

Please reply with clarification.