2017-625 In-Transiion To GST, Input Tax Credit Will Not Be Los. Details Here NOTV In Transition To GST, Input Tax Credit Will Not Be Lost. Details Here Various departments under central government are working towards a seamless transition to GST from the existing indirect tax system. Allindia | NDTV Profit Team | Updated: June 23, 2017 18:24 IST Sporaoed Links by Taba * Serving the Unexpected (utr) + Stream Prabhas's Animated Bahuball & Other Great Films on ‘Amazon Prime Video (sro Pr Vio) + 13 Gorgeous Wives & Girlfriends Of The World's Richest Men (ooch * Why Settle for Private Stem Cell Banking when Community nking is Better? * What 328,958+ Parents Are Using to Engage Kids at Home (CBEC has said that input tax credit wll not be lost in transition to goods and services tax ‘The government has announced a June 30 midnight launch for GST or Goods and Services Tax, the new indirect tax regime. Various departments under central government are working towards a seamless transition to GST from the existing indirect tax system. The Central Board of Excise Board has said that ITC or input tax credit will not be lost in transition to goods and services tax. Allaying concerns of industry and businesses on input tax credit - applicable on items held as input, semi-finished goods, finished goods or capital goods - after GST kicks in, the CBEC under the revenue department said: "The law allows you to carry forward your inputs tax credit and ensures that no ITC is lost, while migrating into the new regime. ‘The CBEC has come out with clarifications on details required and available input tax credit available to manufacturers, traders and service providers under GST. It explained various provisions using the following table: Category of [Detallstobe | Amount of ITC available taxpayer provided Manufacturers [Closing balance | Closing balance of Cenvat credit as per hipilwww nei cominesa-newsin-varwiionto-gstingl-tax-credt-willnt-belost-detal-hera-1716198 us2017-625 In-Transiion To GST, Input Tax Credit Will Not Be Los. Details Here and Service of Cenvat credit | last return Providers already registered under existing Central laws Manufacturers [Balance of un- | Amount of Cenvat credit on capital and Service availed Cenvat | goods not availed earlier Providers credit on capital already goods registered under existing Central laws, Manufacturers | Stock of inputs | Amount of duty paid as per available and service (held as duty paid invoice providers inputs/semi supplying finished exempted goodsifinished goods/services | goods) to be Under existing used for making laws (not liable | taxable supplies to be registered | where duty paid under existing invoices Central laws _ | available ‘Trader (not liable [Stock of inputs | Amount of duty paid as per invoice to be registered | (held as details submitted under existing Jinputs/semi- Central laws) | finished goodsifinished goods) to be Used for making taxable supplies where duty paid invoices available Traders (not [Stock of inputs [In case of intra-State supplies: liable to be (held as registered under |inputs/semi + 60 per cent of the Central tax paid existing Central |finished (in case rate of total tax is 18 per laws) goodstfinished cent or 28 per cent goods) to be + 40 per cent of the Central tax paid Used for making (in case rate of total tax is 5 per taxable supplies cent or 12 per cent) /where duty paid invoices NOT. | In case of inter-State supplies: available + 30 per cent of the integrated tax paid (in case rate of total taxis 18 per cent or 28 per cent) + 20 per cent of the integrated tax paid (in case rate of total taxis 5 er cent or 12 per cent) ‘The Central Board of Direct Taxes, which is the apex policy-making body for indirect taxation, also shed light on which forms will be applicable to different taxpayers - manufacturers, traders or service providers. Form GST Trans 1 This form is for use by manufactures and services providers - those who are already registered under existing central laws and those who are supplying exempted goods or services under existing laws (not liable to be registered under existing laws). Traders not liable to be registered under the current laws will also be required to use this form. ‘Submissions can be made on or before September 30, 2017. "Commissioners can extend the time limit for another 90 days," the CBEC further said. iipilwww nei cominesa-newsin-varwiionto-gtingd-tax-credt-willnt-belost-detale-hera-1716198 252017-625 In Transion To GST, Input Tax Credit Will Not Be Lost. Details Here Form GST Trans 2 This form will be used in case of traders who are not liable to be registered under existing central laws. Form GST Trans 2 can be submitted at the end of each of the first six months, the CBEC added. Touted as the biggest tax reform since Independence in 1947, GST is aimed at creation of a common market, preventing ‘tax-on-tax’ and making goods and services cheaper. ‘The Central Board of Excise and Customs had earlier come out with a few clarifications on facts highlighting GST [pROWstetETEfating to invoice for trade. SponssredLrks by Taboos Final Photo: What Happens Next Is Tragic and Heartbreaking Pierce Brosnan and His Wife Show Off Their Beach Bodies on Vacay eWeekly Lenovo MBG Emerges As The 2nd Favorite In India Simple Activities to Make Your 2-12 Year Old Kids Smart and Creative Hotel Prices You're Not Allowed to See. ‘Three Nations. Five Travellers. One Mega Highway and a Journey of a Lifetime Leftover iPhone stocks worth $649 selling for under $40! 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