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TRANSITIONAL PROVISIONS-PART-V

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 2-1-2017 - GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN SECTION 171 CREDIT OF ELIGIBLE DUTIES AND TAXES IN RESPECT OF INPUTS OR INPUT SERVICES DURING TRANSIT This is a new provision that ha .....

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hen the question of availment of cenvat of excise and VAT against CGST/SGST will arise. To resolve this situation, following has been provided:- (1) A registered taxable person shall be entitled to take, in his electronic credit ledger, credit of eli .....

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g document of the same was recorded in the books of accounts of such person within a period of thirty days from the appointed day: PROVIDED that the aforesaid period of thirty days may, on sufficient cause being shown, be extended by the competent au .....

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above provisions, we find that these enable credit availment for inputs/input services that are in transit on the appointed day. The example of input services in transit can be the services of transportation of goods by road/rail. At this point, it i .....

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e appointed day. Say for example, if the transportation of goods by road service has been booked in advance for which invoice has been issued before the appointed day and payment is also made before the appointed day, the point of taxation shall be t .....

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above provisions allow credit of tax on input services received after the appointed day but tax for which has been paid before the appointed day. However, these provisions do not cover the capital goods which are in transit on the appointed day. Ther .....

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