Transition Rules under GST

Finally, the detailed rules for #GST are out, as indicated by Revenue Secretary Hasmukh Adhia 2 days ago.

Time to plan your transition in detail now.

For traders, the suspense on opening CGST credit is now over. Credit will be granted at 40% of CGST rate on opening stock. Of course, if your invoice shows excise element specifically, credit will be for such excise. This credit has to be claimed within 6 months.

C-forms, etc need to be submitted within 60 days for smooth transition of closing VAT credit to opening SGST credit.