As per Transitional Rules, if a job worker or agent is not registered under GST, then the principal has to file FORM GST TRAN-1 within 90 days from the appointed date, the closing stock held in form of inputs, semi-finished goods or finished goods.
As per Transitional Provisions, if goods are sent on sale or approval basis before the appointed date, the taxpayer has to submit the details of goods sent on sale or approval basis in FORM GST TRAN-1within 90 days from the appointed date.
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.
As per the transitional provisions in GST, existing credit of CVD (Countervailing Duty) and SAD (Special Additional Duty) available as cenvat credit will be carried forward as IGST Credit in the electronic credit ledger based on the input tax credit shown in the returns filed immediately prior to the appointed day.
In the Revised Model GST Law, a new provision has been added wherein the tax payer can take input tax credit within 30 days of the appointed date for the goods received after appointed date but shipped before appointed date.