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Transitional Credits not allowed in some cases- CBEC Circular 23.02.2018

On 23.02.2018, CBEC has issued a Circular CIR-33/07/2018-GST in relation to Disputed and Blocked Transitional Credits  (CENVAT Credits) carried forward under GST during Transition to GST. To prevent misuse of transitional credits and non-adherence to GST provisions, CBEC has…

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What is the reason behind filling Table 5(b) of TRAN 1?

In Table 5(b) of TRAN 1, GST department seeks details of statutory forms received for which credit is being carried forward As per erstwhile Central Sales Tax Act, 1956 (in short “CST”), concessional rate of tax was charged on…

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Transitional Period – Return Forms and their relevancy

During transition phase, every dealer registered under existing laws like VAT / Excise / Service Tax / Luxury Tax etc., is obliged to file the return forms to claim benefits provided under transitional provisions under GST. There forms…

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Transitional Provisions under Central GST (CGST)

In GST laws, transitional provisions have been provided to mitigate the differences in earlier laws and in GST. In this article, we will discuss various situations and its corresponding law in GST Act in respect of Central Taxes.…

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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…

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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…

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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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