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Transitional provisions relating to closing stock
Please somebody explain Transitional provisions relating to closing stock and how can I I claim ITC on my stock
Replies (3)
Stock older than 12 months is not eligible for ITC
under which laws are you registered?
Transitional Provisions:
Dealt by section 140 of GST Act.
Eligible Duties
- Additional Duty of excise leviable U/ 3
- Good of special importance Act
- Textile& textile Articles Act
- Additional Duty Leviable U/s 3(1) &(5) Customs tariff act
- Duties of Excise specified in the 1st & 2nd Schedule of Central Exercise Tariff Act
- National calamity contingent duty
- VAT
- Entry tax
Taxes
- Service Tax
What can be carry forward?
Credit Carry forward under existing law/ on goods held in stock on appointed Day
Who is eligible person?
Registered Person
Which form to be filed?
FORM GST TRAN-1
Due Date?
Within 90 Days from appointed date ( may be extended by 90 more days)
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