Please find below the GST updates
- Persons entitled to take transition credit will have to submit a declaration within 90 days (upto 30th Sept) specifying the credit he wants to take on stocks lying with him on 30th June.
- Declaration will have to be submitted in from GST Tran-1.
- Commissioner can extend this timeline by another 90 days
- In case of capital goods whose part credit was availed in current period and part credit is to be availed under GST, he will have to submit the declaration specifying:
- Amount of credit already availed in the current law
- Amount of credit yet to be availed under the existing law and which he intends to avail under GST period
- Persons having excise invoices for stocks lying as on 30th June will be entitled to take full credit of excise mentioned in the invoices
- Deemed Credit: