Rule 117
Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day
GST
Transitional Provisions
Rule 117 of Central Goods and Services Tax Rules, 2017
CHAPTER XIV
TRANSITIONAL PROVISIONS
117. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day.-
(1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the common portal specifying therein, separately, the amount of input tax credit 1[of eligible duties and taxes, as defined in Explanation 2 to section 140,] to which he is entitled under the provisions of the said section:
Provided that the Commissioner may, on the recommendations of the Council, extend the period of ninety days by a further period not exceeding ninety days.
Provided further that where the inputs have been rece
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er each of the existing laws till the appointed day; and
(ii) the amount of tax or duty yet to be availed or utilized by way of input tax credit under each of the existing laws till the appointed day;
(b) in the case of a claim under sub-section (3) or clause (b) of sub-section (4) or sub-section (6) or sub-section (8) of section 140, specify separately the details of stock held on the appointed day;
(c) in the case of a claim under sub-section (5) of section 140, furnish the following details, namely:-
(i) the name of the supplier, serial number and date of issue of the invoice by the supplier or any document on the basis of which credit of input tax was admissible under the existing law;
(ii) the description and value of the goods or services;
(iii) the quantity in case of goods and the unit or unit quantity code thereof;
(iv) the amount of eligible taxes and duties or, as the case may be, the value added tax [or entry tax] charged by the supplier in respect of the good
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cent. or more and forty per cent. for other goods of the central tax applicable on supply of such goods after the appointed date and shall be credited after the central tax payable on such supply has been paid:
Provided that where integrated tax is paid on such goods, the amount of credit shall be allowed at the rate of thirty per cent. and twenty per cent. respectively of the said tax;
(iii) The scheme shall be available for six tax periods from the appointed date.
(b) The credit of central tax shall be availed subject to satisfying the following conditions, namely:-
(i) such goods were not unconditionally exempt from the whole of the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 or were not nil rated in the said Schedule;
(ii) the document for procurement of such goods is available with the registered person;
2[(iii) The registered person availing of this scheme and having furnished the details of stock held by him in accordance with t
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No.12/2018 – Central Tax dated 07-03-2018 before it was read as,
“(iii) the registered person availing of this scheme and having furnished the details of stock held by him in accordance with the provisions of clause (b) of sub-rule (2), submits a statement in FORM GST TRAN 2 at the end of each of the six tax periods during which the scheme is in operation indicating therein, the details of supplies of such goods effected during the tax period;”
3.
Inserted vide Notification No. 48/2018 – Central Tax dated 10-09-2018
4.
Inserted vide Notification No. 48/2018 – Central Tax dated 10-09-2018
5.
Substituted vide Notification No. 49/2019 – Central Tax dated 09-10-2019 before it was read as, “31st March, 2019”
6.
Substituted vide Notification No. 49/2019 – Central Tax dated 09-10-2019 before it was read as, “30th April, 2019”
7.
Substituted vide Notification No. 02/2020 – Central Tax dated 01-01-2020 w.e.f. 31-12-2019 before it was read as, “5[31st December, 2019]”
8
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