23 May 2017
As per transitional provisions ,If a person has not furnished all the returns required under the existing law for the period of 6 months immediately preceding the appointed day,he will not be allowed to take credit.
So If a person take new registration in existing law today then he will not comply this condition.So whether ITC will be allowed to him in gst ?
23 May 2017
According to the model GST Law, a taxable person can accumulate credits of taxes paid and carry them forward in a return. With the introduction of the GST, the last set of credits will have to be transferred. To do this, you must furnish proof of his/her last return filed under the old regime. You will, therefore, need to make sure that all input taxes paid are included in it; by doing so, you will be claiming the credit of the same under the new regime.
For example, let’s consider July 1, 2017 as the appointed day for the GST rollout. The taxpayer must make sure that he/she has taken into account all the stock lying on June 30, 2017 and claim input credit during the filing of returns for the period ending June 30, 2017. The taxpayer, thus, must ensure that all such goods and services are eligible for such a credit under the new GST law.
CAclubindia
