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The Finance Ministry said telecom companies will be permitted to carry forward unveiled Cenvat credit to the GST regime, giving a major relief to the operators already battling high debt, reported PTI. The Revenue Department through a notification has amended the Cenvat Credit Rules, 2004, to enable service recipients to carry forward such unveiled credit of Service Tax under the GST regime.
"As a result, telecom service providers who have been allotted spectrum in an 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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