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Transitional provisions in GST law provides the tax treatment for transitional transactions and issues arising thereof. One of the key transitional issues is whether input tax credit can be availed in respect of stocks lying with the business on the appointed day (i.e. 01.07.2017). This issue does not bother much to the manufacturers since they were availing the input tax credit of Central Excise and local VAT in their returns filed and were also utlizing the same against the output tax...

Transitional provisions have been prescribed in the GST law which provides tax treatment for transitional matters like spill over transactions, transitional credits etc. It allows existing taxpayers to transfer the input tax credit available as closing balance in the existing tax returns to the GST returns. Therefore, assesses were able to transfer the closing balance of credit in respect of Central Excise duty, Service Tax, Local VAT etc. as the opening credit balance in the GST returns....

1. Availability of Transitional credit for Traders: 

It is seen that based on the concerns raised by various exporters, government has immediately acted upon and created a mechanism in GST portal enabling exporters to claim refund of the taxes paid. This step has been widely appreciated and exporters are at ease as their issue of working capital has been now resolved. 

We urge government to immediately address the similar issue in case of traders wherein as per transitional...

1. What is the requirement for filing transition Form GST TRAN - 1?

Every registered person in GST would be required to file form GST TRAN-1 to carry forward credit of eligible duties and taxes paid under earlier laws such as Central excise, service tax and VAT in respect of input or input services or capital goods. 

2. Who has to file TRAN forms under GST regime?

The benefits to professionals in learning and providing service in GST as soon as possible could among many more be as under:  

1. Retain existing clients by providing the initial services to transit and comply with GST.  
2. Get many new clients shifting from those consultants who are not updated with GST.  
3. Increased/ wider basket of services- expand the firm capability.  
4. Increased fees due to increased work & time requirement especially in regular compliance and...

Countries which are developing are economically sustained in a major way by the manufacturing sector of the particular country. India presently is a way behind in this sector but catching up. The topographical and the demographical position of India are promising but the country has not been able to take advantage of this benefits. The manufacturing sector in India has been beleaguered by the multifaceted tax structure, insufficient infrastructure and administration though it has the...

Background:  

The implementation of GST would be a milestone for the Indian economy that is expected to cause overall growth in the long run, subject to few temporary adverse impact on portion of the industry say those who are currently enjoying the tax exemption benefits or service industries whose cost is expected to raise due to increase in rate of tax etc.   

The industry has already initiated the cost benefit analysis that may result from GST implementation. At the same time,...

Dear Finance Minister,  

Sub: Some Amendments in GST Act & Rules to Ensure GST is a Success 

1. Forms to be Notified  

• For Rules Notified: The rules notified earlier have provided formats which are in the process of revision esp GST Return Related Rules. A period of 3 months from the date of finalizing formats be provided to design/ configure the ERP/ Accounting systems.  
• For Rules Not Notified: The new rules have been notified without the formats- these formats...

GST bills have been passed by Loksabha as well as Rajyasabha. It is very likely that the law would get implemented from 1st July 2017 unless there is strong resistance from trade and others on account of time required for preparation. Mainly due to changes required in information technology systems. It is important for businessmen to understand the impact of GST on their business. Anti-profiteering clause is one important aspect which needs to be understood at this stage which could have...

This article is based on the GST Bill 2017 which was released in public domain in last week of March 2017.  

Background  

There seems to be a doubt in assesses who are registered under central excise and service tax, whether the unutilized credit in excise and service tax returns can be c/f into GST and used to pay the output tax liability under GST.  

The paper writer makes clear that under transition provisions of GST law, the accumulated cenvat credit...