₹28.3 Lakh Refund payable to Bank of Baroda as Untransitioned CENVAT Credit to GST TRAN-1: CESTAT

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ordered a refund of ₹28.3 lakh to the Bank of Baroda, which pertains to untransitioned Cenvat credit carried over to GST under the Tran-1 form. The decision highlights the tribunal's recognition of the transitional credit that banks were entitled to claim under the GST regime but could not transition due to procedural issues. This ruling underscores the importance of correctly handling credit transitions and acknowledges the necessity for financial institutions to receive due refunds for credits not transitioned.