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@About Tax credit

M.M Sachora (Tax Professional & Advisor) (1421 Points)

23 December 2017

if a person registered as lumpsum dealer under VAT and he is registered as regular dealer in GST can he Eligible for Credit on stock as on 30-06-2017 ????

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 23 December 2017

Order No. 9/2017-GST

Subject: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Service Tax Rules, 2017

In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017, on the recommendations of the Council, and in supersession of Order No. 07/2017-GST dated 28 th October, 2017, except as respects things done or omitted to be done before such supersession, the period for submitting the declaration in FORM GST TRAN-1 is extended till 27th December, 2017."

Yes, provided the TRAN-1 form filled till 27.12.2017.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 23 December 2017

Form GST Tran 1

Rules

Every person who is registered under the GST regime and wishes to claim the tax credit of ITC available under the pre-GST regime must file the Form Tran 1 within 30th November 2017.
This form should be filed by every person who is registered under GST regime, even if he is not registered under the pre-GST regime if he wants to take credit of ITC available under the pre-GST regime.
If a registered person has purchased capital goods and was unable to claim the full amount of tax paid during the purchase, the remaining amount can be claimed under GST.

Conditions to claim ITC

A registered person can be a manufacturer or a provider of the exempted goods and/or services, works contractors availing abatement under 26/2012-ST, first or second stage dealer, a registered importer, depot of a manufacturer, or a person who is currently not liable for registration.
The registered person shall be entitled to take in the inputs in finished goods held in the stock on the appointed day, inputs on the semi-finished goods, ECL, eligible credits on inputs.
The entitlement in case of finished goods will be subject to the following conditions:

The stock is to be used for making supplies that are taxable under this Act
The person is eligible to take ITC on inputs under this Act
The person should have the invoice or the prescribed documents
These documents or invoices should not have been issued earlier than 12 months from 1st July
The supplier of the service is not eligible for abatement under this Act