Finance ministry permits telecom companies to carry forward CENVAT credit to GST regime

The Ministry of Finance has permitted telecom companies to carry forward unavailed central value added tax (CENVAT) credit to the GST regime. The move will allow telecom service providers who have been allotted spectrum in the auction conducted in 2016 and have already availed of one-third credit with respect to the service tax paid by them during 2016-17 to avail of the remaining two-thirds pertaining to 2016-17 under the GST regime.