Rule 44A of ‘Central Goods and Services Tax (CGST) Rules 2017’: Manner of reversal of credit of Additional duty of Customs in respect of Gold dore bar
Provisions under Rule 44A of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Manner of reversal of credit of Additional duty of Customs in respect of Gold dore bar”, are as under:
CGST Rule 44A: Manner of reversal of credit of Additional duty of Customs in respect of Gold dore bar (Chapter-V: Input Tax Credit)
The credit of Central tax in the electronic credit ledger taken in terms of the provisions of section 140 relating to the CENVAT Credit carried forward which had accrued on account of payment of the additional duty of customs levied under sub-section (1) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), paid at the time of importation of gold dore bar, on the stock of gold dore bar held on the 1st day of July, 2017 or contained in gold or gold jewellery held in stock on the 1st day of July, 2017 made out of such imported gold dore bar, shall be restricted to one-sixth of such credit and five-sixth of such credit shall be debited from the electronic credit ledger at the time of supply of such gold dore bar or the gold or the gold jewellery made therefrom and where such supply has already been made, such debit shall be within one week from the date of commencement of these Rules.
Above information is based on CBEC’s compilation of Updated CGST Rules, 2017 as on 23 Mar. 2018 (i.e. as notified/ amended upto 23 Mar. 2018 by the CBEC). For detailed information/ subsequent updates, please refer relevant Notifications.
It may be noted that Rules 27 to 137 (pertaining to various Chapters) of the Central Goods and Services Tax (CGST) Rules, 2017 were notified by CBEC vide CGST (2nd Amendment) Rules, 2017 Notification No. 10/2017 Central Tax dt. 28 June 2017, applicable w.e.f. 1 July 2017.
However, Rule 44A has been inserted vide CGST (5th Amendment) Rules 2017 CBEC Notification No. 22/2017 Central Tax dt. 17 Aug. 2017.