GST Important Aspects
Transition - Important Aspects
| . | . |
|---|---|
| Migration of Existing assessee |
Provisional registration to all existing registered persons. 6 Months time to convert provisional into regular registration |
| Carry forward of Cenvat Credit |
No option of earlier credit availment under new return. Credit as reflected in last return final for carry forward |
| Goods Return/ Rate Change |
No requirement of payment of tax on goods returned upto 6 months from the appointed date. GST Impact on rate increase / decrease of supplies made prior to appointed date. |
| Refunds / Demand |
Any earlier refunds to be credited in cash. Any demand under earlier law to be recovered from such supplier. |
| Ongoing Contracts |
No GST on goods and or services supplied prior to appointed date. No GST when the payment and invoice for such supply has been raised prior to appointed date. |
| Closing Stock |
Tax to be paid on supply of stock lying on appointed date when supplied post such date. Specific treatment for stock in transit and stock lying in clearance at customs. |