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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 has been incorporated in the revised GST law which provides for credit availment for inputs/input services during transit. Where the goods have been removed prior to the appointed day on payment of excise/VAT but are received after the appointed day, t .....

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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 authority for a further period not exceeding thirty days. (2) The said registered taxable person shall furnish a statement, in such manner as may be prescribed, in respect of credit that has been taken under sub-section (1). If we minutely observe the .....

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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 the date of receipt of advance and service tax will be payable on the said taxable service under earlier law. Now, the question that arises is the credit admissibility of service tax paid on such service which is received after the appointed day. The .....

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