CBEC specifies ‘alternative method’ for recovery of transitional credit under GST regime

CBEC specifies the recovery process of arrears in case of wrongly availed CENVAT credit under the existing law and CENVAT credit wrongly carried forward as transitional credit in the GST regime; CBEC had earlier clarified that recovery of arrears arising under the existing law shall be made as central tax liability to be paid through the utilization of the amount available in the electronic credit ledger or electronic cash ledger of the registered person; Noting that the func...