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Transitional provisions- ITC- Composition Dealer under Central and /or State Taxes opt to be a regular dealer in GST

GST Law has provided Transitional provisions in respect of Input Tax Credits where dealer was paying taxes at a fixed rate or a fixed amount as a Central tax and /or State VAT/ Sales Tax (i.e. he might…

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Treatment of Input Credits where Invoice of purchases received by purchaser after 30.06.2017

A big question in everyone’s mind is that what will the treatment of input tax credits, where seller of goods or provider of services has issued invoice before 30.06.2017 under previous laws (i.e. under excise duty, State VAT…

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Transitional Provisions for Input Tax Credits- Where exempted goods/services under previous law becomes taxable under GST

Input tax credits of Excise Duties Where a registered person under GST, who was engaged in the: manufacture of taxable as well as exempted goods under the Central Excise Act, 1944; or provision of taxable as well as…

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GST Transition- Input Tax Credit of State VAT allowed on Closing Stock as on 30.06.2017 even if dealer was not a registered VAT Dealer

The objective of this provision is to provide benefit of Input Tax Credits paid under State VAT laws to dealer (registered under GST), on stock in hand as on 01.07.2017 (which is liable to tax under GST), where…

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CENVAT Credit (of Excise duty) allowed on Closing Stock as on 30.06.2017 even if dealer was not an excisable unit or exempted entity under Excise Laws

Yes, it is true that a person registered under GST laws shall be entitled to take credit of eligible duties even if he was not registered under earlier laws and not filed any return under existing law. The objective of…

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Transitional Provisions – Input Tax Credits – UTGST

This article relates to Unutilized balance of VAT Credit (under UT VAT laws) standing on 30.06.2017. A registered person under GST (other than those who opt to pay GST under Composition Levy) shall be entitled to take the…

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Transitional Provisions- Input Tax Credits- State GST (SGST)

This article relates to Unutilized balance of VAT Credit (under State VAT laws) standing on 30.06.2017. A registered person under existing State laws will be allowed to take ‘State VAT credit’ carried forward in the return (under existing…

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GST Transition- Unavailed Credit of Capital Goods

In this article, we are going to discuss the transitional provisions under GST acts (CGST, SGST and UTGST) regarding input tax credits of capital goods unavailed as on 30.06.2017. Concept of this transitional provision is same in all…

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Transitional provisions for Unutilized balance of CENVAT Credits

Transitional Provisions in case of Unutilized balance of CENVAT Credit (of Excise Duty) lying in books as on 30.06.2017 (Section 140(1) under CGST Act) A registered person under GST (other than those who opt to pay GST under Composition Levy)…

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Scope of “Supply” under GST in India

Law for Scope of Supply is provided in Section 7 of CGST Act. Scope of Supply means those supplies which shall be considered as Supplies for levy of GST. As per general rule, every transaction in the normal…

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