We are registered as manufacturer in Gujarat with Commercial Tax Department. We were involved in Domestic sales & Exports since last four years. However domestic sales has been on substantially lower side over a period of last two years. Due to this unutilised VAT credit of inputs has been carried forward in our VAT Return since last two years for a huge amount. Now with the introduction of GST what should be done with this credit. Will this credit be allowed to be carried forward from VAT to GST? Is it possible to claim refund of this VAT credit? If refund can be claimed what is the time limit for claiming any such refund? Further can be refund be claimed even if assessment for VAT has been completed for a particular year?
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Vat credit on exports in gst
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Transitional arrangements for input tax credit.
(1) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, the amount of CENVAT/VAT credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished by him under the existing law in such manner as may be prescribed:
Provided that the registered person shall not be allowed to take credit in the following circumstances, namely:-
(i) where the said amount of credit is not admissible as input tax credit under this Act; or
(ii) where he has not furnished all the returns required under the existing law for the period of six months immediately preceding the appointed date; or
(1) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, the amount of CENVAT/VAT credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished by him under the existing law in such manner as may be prescribed:
Provided that the registered person shall not be allowed to take credit in the following circumstances, namely:-
(i) where the said amount of credit is not admissible as input tax credit under this Act; or
(ii) where he has not furnished all the returns required under the existing law for the period of six months immediately preceding the appointed date; or
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