GST Tip – 240

As per Transition Rules, an unregistered person claiming input tax credit of Central Excise on the opening stock as on the appointed day, have to file monthly return known as FORM GST TRAN 2 with details of the outwards supplies made for the tax period.

GST Tip – 236

As per the Transitional Rules, every taxpayer opting to take input tax credit under Section 140 of CGST Act is required to file FORM GST TRAN-1 within 90 days from the appointed date. The same can be extended for another 90 days by the commissioner on recommendations of the GST Council.

GST Tip – 221

As per Composition Rules, the person who wants to pay tax under Composition Scheme has to file FORM GST ITC-3 for within 60 days to identify and pay the amount of ITC to be reversed on the closing stock of finished goods, capital goods or inputs, semi-finished goods on which input tax credit has bee availed.

GST Tip – 205

As per Draft Input Tax Credit Rules, the taxpayer who has registered for GST  as regular taxpayer now opts for Composition Scheme, then the input tax credit has to paid in FORM GST ITC-03 as output tax liability for the inputs lying in stock, and inputs contained in semi-finished and finished goods lying in stock, the input tax credit shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such input.

GST Tip – 203

As per the Draft Input Tax Credit Rules, Input Tax Credit is available only if the registered person has issued the tax invoice for the supply of goods or services as given in the Revised Invoice Rules and the same is furnished in the GSTR – 2 of the recipient and GSTR -1 of the supplier of goods or services are matched.