Key Features under Revised GST Transition Rules

GST updates

 

Dear All,

Please find below the GST updates

  1. 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.
  2. Declaration will have to be submitted in from GST Tran-1.
  3. Commissioner can extend this timeline by another 90 days
  4. 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:
  5. Amount of credit already availed in the current law
  6. Amount of credit yet to be availed under the existing law and which he intends to avail under GST period
  7. Persons having excise invoices for stocks lying as on 30th June will be entitled to take full credit of excise mentioned in the invoices
  8. Deemed Credit:

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