GST Tip – 242

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.

GST Tip – 238

As per Transitional Rules, any registered taxpayer as on the appointed day, who is not registered under the existing law is allowed to take input tax credit on the on the goods for Central Excise or Customs Duties held in stock on the appointed day even though is not in possession of the duty payable documents with him.

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.