Credit of service tax paid available as 'transitional credit', clarifies CBIC

CBIC clarifies that CENVAT credit of service tax paid u/s 66B of Finance Act, 1994 was available as transitional credit u/s 140(1) of CGST Act and that legal position has not changed due to amendment of section 140(1); Explains that transition of credit of such tax was never intended to be disallowed u/s 140 (1) and therefore no such remark was present in the “Rationale/ Remarks” column (at Sl. No. 37) of the draft proposals for amending GST law uploaded in the public dom...