Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Transition of Closing Balance of ITC under the present tax regime to GST tax regime.

Goods and Services Tax - GST - By: - Anuj Bansal - Dated:- 5-10-2016 Last Replied Date:- 5-10-2016 - This article is in continuity of the article earlier written by the Author and is published in Tax Management India as regards transition of registration of the dealers under the existing system to GST system. In short, it was explained in the earlier article that the registration of existing dealers will automatically be converted to registrations under GST law and certain basic details of the d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e categories of situation in which ITC is available or will be available in GST regime are as under. Each of the situations mentioned above are being discussed hereunder in detail: Transition of ITC lying as closing balance on the appointed date to the GST Regime: In a case where the dealer is already registered under the present VAT law or under Service Tax or Excise Duty, will be eligible to avail his closing balance of ITC as on 31.03.2017 under the existing law against his liability under GS .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

over in the system for the purpose of CGST or SGST as the case may be. In other words, the amount of ITC to be carried over shown in the return for Service Tax / Excise Duty or for VAT as the case may be shown by a dealer will be automatically taken by the system. It may be stated once the ITC is carried over in the return of the present law and considered in the first return under GST law, there is no mechanism to correct / revise ITC carried forward from the earlier period. Therefore, the dea .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for the month of March 2017 under VAT Laws will be required to be filed on dates prescribed in the respective VAT Laws of the State which may vary. Under GST Law, as per the proposed draft first return i.e. for the month of April 2017 will be required to be filed by 20th May 2017. Since, the amount of carryover of ITC will be taken by the system from the respective return filed by the dealer for the month of March 2017, it is very much important that before the first GST return is filed i.e. by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d that the dealer has to be cautious in filing the returns under existing laws for the month of March 2017 claiming the correct amount of ITC carried over and such returns should be in any case filed before 20th May 2017 on which date the returns under GST Law will become due. Transition of closing balance ITC on the appointed date in relation to capital goods: This situation is relevant in the cases where the assesse has partly claimed ITC on the Capital Goods in the present tax regime and the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

shall be supported with copy of invoice and other relevant documents. Transition of ITC on the closing stock of the dealers on the appointed when the dealer is not-registered under the present law regime but registration under GST regime: There would be category of dealers / manufacturers who are not required to take registration under the present tax regime due to reasons like there turnover does not exceeds the threshold limit or they are dealers in exempted goods. Such kind of dealers may be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t of duty/ tax under the earlier law. Therefore, it is suggested in such situations to start preparing / documenting such kind of invoices which would be relevant for claiming ITC on the closing stock. Dealers who are registered under the composition scheme under earlier law but under GST regime paying tax as general / normal dealer, the ITC in regard to the stock held by such dealers on the appointed date will be available in GST regime. However, the dealer should be in possession of invoices o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version