The Central Board of Indirect
taxes and Customs (CBIC) has recently released a notification regarding the
retrospective amendment in Section 140 of the CGST Act 2017. This amendment
shall come into action retrospectively from 1st July 2017. With it, the
ministry finds its way to buy itself in to clear all the pending input tax
credit. The said amendment will affect Section 140 of the CGST Act and it will
empower itself to prescribe a time duration for availing transitioning credit.
Transitioning credit represents the credit from the pre-GST Regime. The
transitioning credit was merged into the GST as the input tax credit mechanism.
As per a notification released on
Saturday states that “The Central Government hereby appoints the 18th day of
May 2020, as the date on which the provisions of Section 128 of the Finance
Act, 2020, shall come into force,”.
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