Transitional provisions relating to closing stock

Erfan Ahmed (11 Points)

19 June 2017

Please somebody explain Transitional provisions relating to closing stock and how can I I claim ITC on my stock

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3 Replies

Shakshant (Student CA IPC / IPCC) (2 Points)
Replied 19 June 2017

Stock older than 12 months is not eligible for ITC

CA NEHA RAMPURIA (Taxation Consultant) (1823 Points)
Replied 19 June 2017

under which laws are you registered?

janaki suresh B (Partner) (90 Points)
Replied 19 June 2017

Transitional Provisions:

Dealt by section 140 of GST Act.

Eligible Duties

Additional Duty Leviable U/s 3(1) &(5) Customs tariff act
Duties of Excise specified in the 1st & 2nd Schedule of Central Exercise Tariff Act
National calamity contingent duty
VAT
Entry tax

Taxes

What can be carry forward?

Credit Carry forward under existing law/ on goods held in stock on appointed Day

Who is eligible person?

Registered Person

Which form to be filed?

FORM GST TRAN-1

Due Date?

Within 90 Days from appointed date ( may be extended by 90 more days)

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