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Proposed scheme of transferring credit from pre-GST regime to post-GST regime.

Goods and Service Tax - GST - By: - CA Akash Phophalia - Dated:- 1-9-2015 - This article is prepared to know about the proposed scheme of availing unutilized credit available with the assessee in pre-GST regime. The article also deals with the fate of credit for pre-GST unregistered assessees who will register in post-GST regime. Current provisions relating to input credit are different in case of central excise, service tax and other tax laws. Further, many of the state laws are different in re .....

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ee registered in pre-GST regime Assessee not registered in pre-GST regime Credit of Input Goods Must be allowed to carry forward the tax paid in pre-GST regime on eligible inputs Provided the amount is rightly availed and carried forward in returns, whether or not lying in stock. These should also be allowed to take credit of inputs that has suffered appropriate tax in pre GST regime and which would be used for taxable supply in GST regime. Appropriate mechanism needs to be provided for identifi .....

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