GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017
GST
Dated:- 2-4-2017
GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017
\n=============
\nDocument 1CHAPTER-
\nTRANSITIONAL PROVISIONS
\n1. Application in respect of tax or duty credit carried forward under any existing law or
\non goods held in stock on the appointed day
\n(1) Every registered person entitled to take credit of input tax under section 140 shall, within
\nsixty days of the appointed day, submit an application electronically in FORM GST TRAN-
\n1, duly signed, on the Common Portal specifying therein, separately, the amount of tax or duty
\nto the credit of which the said person is entitled under the provisions of the said section:
\nProvided that where the inputs have been received from an Export Oriented Unit or a unit
\nlocated in Electronic Hardware Technology Park, the credit shall be allowed to the extent as
\nprovided in sub-rule (7) of rule 3 of the CENVAT Credit Rules, 2004:
\n[this proviso only in CGST rules]
\nProvide<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the existing laws till the appointed day, and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n urement of such goods is available with the registered person. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of each of the six tax periods during which the = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017 GSTDated:- 2-4-2017GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017 ============= Document 1CHAPTER- TRANSITIONAL PROVISIONS 1. Application in respect of 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 … Continue reading “GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2560","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2560"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2560\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n(ii) the amount of duty or tax yet to be availed or utilized by way of input tax credit
\nunder each of the existing laws till the appointed day;
\n(b) in the case of a claim under sub-section (3), or the proviso thereto, or clause (b) of sub-
\nsection (4), sub-section (6), sub-section (8), sub-section (9) of Section 140 shall specify
\nseparately details of stock held on the appointed day;
\n(c) in the case of a claim under sub-section (5), shall furnish the following details\u2014
\n(i) the name of the supplier, serial number and date of issue of the invoice by the
\nsupplier or any document on the basis of which credit of input tax was admissible
\nunder the existing law,
\n(ii) the description, quantity and value of the goods or services
\n(iii) the amount of eligible taxes and duties or, as the case may be, the value added tax
\n[or entry tax] charged by the supplier in respect of the goods or services,
\n(iv) the date on which the receipt of goods or ser<\/p>\n
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\n(iii) Registered person availing this scheme and having furnished the details of stock held by
\nhim in accordance with the provisions of clause (b) of sub-rule (2) of rule 1, submits a statement
\nin FORM GST TRAN at the end of each of the six tax periods during which the scheme is
\nin operation indicating therein the details of supplies of such goods effected during the tax
\nperiod.
\n(iv) The amount of credit allowed shall be credited to the electronic credit ledger of the
\napplicant maintained in FORM GST PMT-2 on the Common Portal.
\n(v) The stock of goods on which the credit is availed is so stored that it can be easily identified
\nby the registered person.
\n(In CGST Rules)
\n(3) (a) (i) A registered person, holding stock of goods which have suffered tax at the first
\npoint of their sale in the State and the subsequent sales of which are not subject to tax in the
\nState availing credit in accordance with the proviso to sub-section (3)<\/p>\n
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\nscheme is in operation indicating therein the details of supplies of such goods effected during
\nthe tax period.
\n(iv) The amount of credit allowed shall be credited to the electronic credit ledger of the
\napplicant maintained in FORM GST PMT-2 on the Common Portal.
\n(v) The stock of goods on which the credit is availed is so stored that it can be easily identified
\nby the registered person.
\n(4) The amount of credit specified in the application in FORM GST TRAN-1 shall be
\ncredited to the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on
\nthe Common Portal.
\n(In SGST Rules of States offering tax on MRP scheme)
\n(4) The amount of credit specified in the application in FORM GST TRAN-1 shall be credited
\nto the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on the
\nCommon Portal.
\n2. Declaration of stock held by a principal
\nEvery person to whom the provisions of section 141 apply shall, within sixty days o<\/p>\n
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