Gst-transitional provision
ABHILASHA CHATURVEDI (Student) (139 Points)
06 June 2017ABHILASHA CHATURVEDI (Student) (139 Points)
06 June 2017
Shivam Chomal
(498 Points)
Replied 06 June 2017
It has clearly been mentioned in the act that in order to avail input tax credit on any item it should be eligible for credit in the existing act as well as in the GST act.Sec 140(1)(i) of the CGST Act specifies the same thing. So, if an item is eligible for credit in the existing act but not eligible for credit in the GST Act than you cannot carry forward the credit with respect to that item and it shall lapse.