(GSTmitra-Series-8) Transitional Provisions related to Stock in hand under GST

Case 8: Trader not registered under any of current laws now registered under GST

β›³ VAT in respect of raw materials, finished/ semi-finished stock held on 30th June, 2017
🌴 Credit of VAT allowed (Conditions-Used for Taxable Supplies, Eligible for ITC in GST).
🌴 Duty paying documents/ Possession of invoice are essential.
🌴 Date of issue of such invoice must be on or after 1st July, 2016.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017.
🌴 The GST FORM TRAN-1 to contain details about the stock held on 30th June, 2017 and about the credit claimed.
🌴 Opening Credit as on 1st July 2017 shall be shown as SGST.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

(GSTmitra-Series-7) Transitional Provisions related to Stock in hand under GST

Case 7: Manufacturer/ Service provider not registered under any of current laws now registered under GST

β›³ Excise duty, Additional Excise Duty, CVD and SAD in respect of raw materials, finished/ semi-finished stock held on 30th June, 2017
🌴 Credit of Excise and other related duties allowed (Conditions-Used for Taxable Supplies, Eligible for ITC in GST).
🌴 Duty paying documents/ Possession of invoice are essential.
🌴 Date of issue of such invoice must be on or after 1st July, 2016.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017.
🌴 The GST FORM TRAN-1 to contain details about the stock held on 30th June, 2017 and about the credit claimed.
🌴 Opening Credit as on 1st July 2017 shall be shown as CGST.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

(GSTmitra-Series-6) Transitional Provisions related to Stock in hand under GST

Case 6: Service provider registered under Service Tax paying tax at normal rate

β›³ Return filed under Service Tax shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details about the credit to be carried forward.
🌴 Excess CENVAT Credit (shown in Service Tax return) shall be carried forward as CGST.
β›³ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the Service Tax Law.
β›³Return filed under Service Tax does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

(GSTmitra-Series-5) Transitional Provisions related to Stock in hand under GST

Case 5: Trader registered under VAT

β›³ Return filed under VAT shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
β›³ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the VAT Law.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
β›³Return filed under VAT does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.

β›³Excise duty, Additional Excise Duty, CVD and SAD in respect of raw materials, finished/ semi-finished stock held on 30th June, 2017
🌴 Credit of Excise and other related duties allowed (Conditions-Used for Taxable Supplies, Eligible for ITC in GST).
🌴 Duty paying documents/ Possession of invoice are essential.
🌴 Duty paying documents/ Possession of invoice are not available (Conditions-Used for Taxable Supplies, Eligible for ITC in GST) – Deemed credit allowed, persons who don’t have excise invoice, will be eligible to take credit in the following manner:
(a) For goods taxable @18% or above – Credit shall be allowed at the rate of 60% of CGST payable on that goods- so if the rate is 18% then credit will be available @5.4% (60% of 9% CGST).
(b) For goods other than above – Credit shall be allowed at the rate of 40% of CGST payable on that goods- so if the rate is 12% then credit will be available @2.4% (40% of 6% CGST).
🌴 Credit in the above Deemed credit scheme will be available only once the said goods are sold and GST paid. It’s like a cash back scheme.
🌴 Deemed credit scheme will go on for 6 tax periods from 1st July, 2017, so stocks lying as on 30th June, 2017 have to be sold maximum upto 31st Dec, 2017. No credit will be available if these goods are sold after 31st Dec, 2017.
🌴 Conditions- Statement containing details of supplies to be submitted each month for 6 months (GST TRAN-2). Documents for procurement of the goods are essential. Goods should not be exempt from excise or nil rated. Stock of goods is stored and easily identifiable.
🌴 Date of issue of such invoice must be on or after 1st July, 2016.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017.
🌴 The GST FORM TRAN-1 to contain details about the stock held on 30th June, 2017 and about the credit claimed.
🌴 Opening Credit as on 1st July 2017 shall be shown as CGST.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

Section 1 – Short title, extent and commencement

(1) This Act may be called the Central Goods and Services Tax Act, 2017.

(2) It extends to the whole of India.

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

(GSTmitra-Series-4) Transitional Provisions related to Stock in hand under GST

Case 4: Trader registered under Excise and VAT – This will cover first stage/ second stage dealers.

β›³ Return filed under VAT shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
β›³ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the Excise, VAT Law.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
β›³Return filed under VAT does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.

β›³Excise duty, Additional Excise Duty, CVD and SAD in respect of raw materials, finished/ semi-finished stock held on 30th June, 2017
🌴 Credit of Excise and other related duties allowed (Conditions-Used for Taxable Supplies, Eligible for ITC in GST).
🌴 Duty paying documents/ Possession of invoice are essential.
🌴 Date of issue of such invoice must be on or after 1st July, 2016.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017.
🌴 The GST FORM TRAN-1 to contain details about the stock held on 30th June, 2017 and about the credit claimed.
🌴 Opening Credit as on 1st July 2017 shall be shown as CGST.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

(GSTmitra-Series-3) Transitional Provisions related to Stock in hand under GST

Case 3: Manufacturer registered VAT Only – This will cover SSI dealers opting out of excise. This will also cover manufacturers exempt from excise and not registered under excise.

β›³ Return filed under VAT shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
β›³ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the VAT law.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
β›³Return filed under VAT does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.

β›³Excise duty, Additional Excise Duty, CVD and SAD in respect of raw materials, finished/ semi-finished stock held on 30th June, 2017
🌴 Credit of Excise and other related duties allowed (Conditions-Used for Taxable Supplies, Eligible for ITC in GST).
🌴 Duty paying documents/ Possession of invoice are essential.
🌴 Date of issue of such invoice must be on or after 1st July, 2016.
🌴 The said goods must be sold on or before 31st Dec, 2017.
🌴 GST FORM TRAN-1 to be filed by 29th Sep, 2017.
🌴 The GST FORM TRAN-1 to contain details about the stock held on 30th June, 2017 and about the credit claimed.
🌴 Opening Credit as on 1st July 2017 shall be shown as CGST.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

(GSTmitra-Series-2) Transitional Provisions related to Stock in hand under GST

Case 2: Manufacturer registered under Excise and VAT
β›³ Return filed under Excise or VAT shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess CENVAT Credit (shown in Excise Return) shall be carried forward as CGST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
β›³ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the Excise, VAT Law.
🌴 Credit relates to goods manufactured and cleared under exemption notifications as are notified by the Government.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
β›³Return filed under VAT does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh

(GSTmitra-Series-1) Transitional Provisions related to Stock in hand under GST

Case 1: Manufacturer registered under Excise, VAT and Service Tax
β›³ Return filed under Excise, VAT or Service Tax shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess CENVAT Credit (shown in Excise and Service Tax return) shall be carried forward as CGST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
β›³ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the Excise, VAT, Service Tax Law.
🌴 Credit relates to goods manufactured and cleared under exemption notifications as are notified by the Government.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
β›³Return filed under Excise, VAT and Service Tax does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.

Regards
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005
www.facebook.com/capraveensh