FOR GST TAX PAYERS the Supreme Court has directed to open the GST system enabling to claim transitional credit for 60 days from 01.09.2022 till 30.10.2022. Earlier, various High Courts have expressed a similar view and directed the Government to open the portal. All assesses can claim benefit of this order whether writ petition have been filed by them or not.GSTN to make sure there would be no technical glitch during this time. After all this process 90 days’ time will be given to officers to verify the claim of credit and if there is any difference of opinion then there should be opportunity of being heard is to be given to the assesse. After this whole process credit is to be reflected in Electronic credit Ledger.
Similar views was again expressed by the Apex Court in Collector of Central Excise v. Dai Ichi Karkaria Ltd. 1999 (112) ELT 353
Now the question arises regarding Transitional Credit Transitional credit-Transitional credit is a vested right and therefore CENVAT credit earned in erstwhile regime cannot be denied by dint of procedural limitations esp.time limits. It is in this backdrop several High Courts have pronounced differing.
SOURCE: THE ECONOMIC TIMES