Chartered Accoutants
105 Points
Joined April 2013
Input Tax Credit lying under earlier law like VAT or Excise can be carried forward under new tax regime i,e, GST as per the provison of Sec.-140-Transitional arrangement of Input Tax Credit. (Ref. Chaper XX).
It means a registered person, otherthan a person opting to pay tax under Sec-10, shall be entitled to take, in his electronic credit ledger, the amount of CENVAT credit carried forward in the return relating to the period uending with the day immediately preceding the appointed day, furnished by him under the existing law in such manner as may be prescribed.
However Krishi Kalayn Cess (KKC), Swachh Bharat Cess (SBC), CST, Cess etc, if any credit of this are lying is not eligible to carried forwared.
N.B : This is as per my opinion and belief, consult your CA or Consultant before taking action based on this reply. It is for acedemic purpose only and having a chanse of debat/argument on same topic also.