Business Economy 14 Jun 2017 Telcos can carry for ...

Telcos can carry forward unavailed Cenvat credit to GST:FinMin

PTI
Published Jun 14, 2017, 8:58 pm IST
Updated Jun 14, 2017, 8:58 pm IST
Telcos will be permitted to carry forward unavailed Cenvat credit to the GST regime, giving a major relief to the operators.
Representational Image.
 Representational Image.

New Delhi: The Finance Ministry today said telecom companies will be permitted to carry forward unavailed Cenvat credit to the GST regime, giving a major relief to the operators already battling high debt.

The Revenue Department through a notification has amended the Cenvat Credit Rules, 2004, to enable service recipients to carry forward such unavailed credit of Service Tax under the GST regime. "As a result, telecom service providers who have been allotted spectrum in auction conducted in 2016 and have already availed one-third credit in respect of Service Tax paid by them, during 2016-17, would be eligible to take the remaining two-thirds credit pertaining to 2016-17 in the GST regime," a Finance Ministry statement said.

 

The government proposes to roll out the Goods and Services Tax (GST) from July 1. GST will subsume excise, service tax, VAT and other local levies.

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