+91 9654058508

Transitional provisions- Where Cenvat credit of Service tax reversed due to non -payment of dues

Under service tax provisions, it is provided that where payment to supplier of service is not made within three months of provision of service, Credit of such service tax required to be reversed and it could be reclaimed…

Read more

Transitional provisions- Input Tax Credits- Where dealer was having Centralised registration

Where a registered person having centralised registration under the existing law has obtained a registration under this Act, such person shall be allowed to take, in his electronic credit ledger, credit of the amount of CENVAT credit carried…

Read more

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…

Read more

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…

Read more

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…

Read more

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…

Read more