As per Transition Rules, input tax credit of 60% is allowed if the tax rate is above 9% and in other cases 40% of the central tax on the goods laying in stock dealers how are not registered under Central Excise as on the appointed date.
GST Tip – 162
The maximum tax rate applicable under CGST ss 20% , for IGST the tax rate cannot exceed 40% and for the UT GST Bill the max rate is given as 20% as per the CGST Bill, IGST Bill and UT – GST Bill introduced in the Parliment on 27th Mar 2017.
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