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- 239
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 – 237
As per the Transition Rules, the amount of credit specified in the FORM GST TRAN-1 shall be credited to the electronic credit ledger maintained by the common portal in FORM GST PMT-2.
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