Transitional Credit

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..... Transitional Credit
Query (Issue) Started By: - saket s Dated:- 12-11-2019 Last Reply Date:- 26-10-2020 Goods and Services Tax - GST
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GST
The Company opts for new rates under G .....

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..... ST for its ongoing projects and there is transitional credit available to the Company ("Tx" is negative) as per notification 3/2019 CTR. What is the treatment of the transitional credit available? Ca .....

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..... n the credit be utilized for subsequent GST payments? Can only new credit be availed to the extent of transitional credit? Thanks Saket Reply By Shilpi Jain: The Reply: The amount of Tx can be av .....

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..... ailed by way of credit contained in the procurement made from 1st Apr '19. However, its utilisation would be difficult if the assessee does not have any liability other than 5%. If other liabiliti .....

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..... es are there which do not have credit utilisation restriction, the Tx can be used for that liability.
Discussion Forum - Knowledge Sharing .....

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