Eye Share : Transitional ITC Eligibility Despite Non-Availment of Refund Option Under VAT Law

Recently, Telengana HC in case of Magma Fincorp Limited [TS-356-HC-2019(TEL and AP)-NT] allowed transition of ITC balance under Telangana VAT Act to GST Act, to taxpayer  migrated from State of AP to Telangana after bifurcation. Giving a purposive interpretation to Section 140 of CGST Act, HC held that transitional ITC will be allowed inspite of non-availment of option to claim refund under VAT Law.Mr. Ankit Kanodia (Partner - Tax & Regulator...