Time limit for availing transitional credit under GST is mandatory, says Madras HC

The Madras High Court has ruled that the time limit for availing transitional credit is mandatory and not directory. This is just opposite to the Delhi High Court’s order of May 5 which has been stayed by the Supreme Court. Transitional credit refers to use of tax credit accumulated up to June 30, 2017, that is, the last day of the erstwhile central excise and service tax regime. After the introdu…