Rule 44A of 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) [rule 44A inserted from 17/08/2017: refer note 1]

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.

Amendments History:

1. Rule 44A inserted from 17/08/2017 vide Notification 22/2017.

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