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Telcos can carry forward unavailed Cenvat credit to GST:FinMin

Press Trust of India  |  New Delhi 

The Ministry today said telecom companies will be permitted to carry forward unavailed Cenvat credit to the regime, giving a major relief to the operators already battling high debt.

The Department through a notification has amended the Cenvat Credit Rules, 2004, to enable service recipients to carry forward such unavailed credit of Service under the regime.

"As a result, telecom service providers who have been allotted spectrum in auction conducted in 2016 and have already availed one-third credit in respect of Service paid by them, during 2016-17, would be eligible to take the remaining two-thirds credit pertaining to 2016-17 in the regime," a Ministry statement said.

The proposes to roll out the Goods and Services (GST) from July 1. GST will subsume excise, service tax, VAT and other local levies.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 20:07 IST