The first and foremost task for you, as a business registered under the current law, is transiting to GST. While it is important to know the fundamentals of GSTit is also very critical for you to understand GST transition provisions available, and take the necessary actions to ensure a smooth transition to GST and leverage on transition benefits.

You will need to review your accounting and reporting procedures, procurement, logistic decisions, and so on in advance to avail the appropriate GST input tax credit. Today, the manufacturing, sales and service activity are governed by a separate indirect tax system. For better and ease of understanding, we have categorised the transition provisions for each of the below tax types:.

A manufacturer can carry forward the balance CENVAT credit available on the last day, prior to date on which GST is implemented, as input credit. Today, a manufacturer other than the Small Scale Industries SSI- whose turnover does not exceed 4 crores should file their monthly returns in Form ER-1, and SSI quarterly returns in Form ER The amount of CENVAT carried forward in Form ER-1 or Form ER-3 as on the last day i.

Super Cars Pvt Ltd, a car manufacturer located in Karnataka is registered under Excise and Karnataka VAT. As on 31st March,the Form ER-1 of Super Cars Pvt Ltd is as given below:.

Yes, the closing CENVAT balance of Rs 25, is fully eligible to be carried forward by Super Cars Ltd. This is because Super Cars Pvt Ltd satisfies all the conditions explained below:. Now, for Super Cars Pvt Ltd, CENVAT will be a CGST credit. This can be utilized to set-off the liabilities in the order prescribed. As a dealer, you are liable for registration under Central Excise if you trade in excisable goods. Today, the excise duty you pay will not be available as credit.

As a first stage or second stage dealer, the excise duty paid get s added to the price of the product. If it is sold to a manufacturer, the excise duty passed on will be claimed as CENVAT credit by the buying manufacturer.

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On the date of transitioning to GST, the excise duty paid in respect of closing stock held by you, will be allowed to be carry forward as CGST Input Tax credit.

A business registered under VAT needs to file monthly or quarterly VAT return forms, as prescribed by their respective states. The input VAT credit in VAT return forms will be carried forward as SGST input tax credit.

Super Cars Pvt Ltd, a car manufacturer located in Karnataka is registered under Karnataka VAT.

As on 31st March,the VAT Form monthly return form for Karnataka of Super Cars Pvt Ltd is as given below:. As per the VAT Form of MarchSuper Cars Pvt Ltd has an input VAT credit balance of Rs 5, Can Super Cars Pvt Ltd. Yes, the closing input VAT of Rs. This is because Super Cars Pvt Ltd.

Now, for Super Cars Pvt Ltd, the input VAT will be carried forwarded as SGST credit. Today, a service provider is liable for registration, if his aggregate value of taxable services exceeds 10 lakhs. The following are type of service tax levied on the taxable services:. As a service provider, you need to file half yearly return in Form ST The closing balance of service tax input credit will be carried forward as CGST Input Tax credit. Super Cars Ltd is a car manufacturing unit in Karnataka.

As on 31st March,ST-3 return form of Super cars Ltd is given below:. As per Form ST-3 of MarchSuper Cars Pvt Ltd has a closing CENVAT Service Tax Input Credit balance of Rs 30, Yes, the closing CENVAT balance of Rs. Similarly, VAT paid on purchase of capital goods will not be fully available as Input VAT immediately.

Depending upon the state VAT laws, and the type of capital goods purchased, the Input VAT can be availed. Due to this prevailing restriction for availing CENVAT credit on capital goods, there could be some unavailed CENVAT and Input VAT on the date of transitioning to GST.

Super Cars Pvt Ltd purchased machinery on the 1st February, The details of the transaction are shown below:. And according to the VAT provisions of Karnataka, input VAT credit can be availed only after commencement of commercial production. Will Super Cars Ltd. Yes, Super Cars Ltd.

GSTD /2 - Goods and services tax: where real property is acquired following the exercise of a call option, does the call option fee form part of the consideration for the acquisition for the purposes of subsection (2) of the A New Tax System (Goods and Services Tax) Act ? (As at 5 February )

Super Cars Pvt Ltd satisfies all the conditions, and they are eligible to carry latest forex rate in karachi the CENVAT and input VAT credit. Presently we are dealing in tyres we have vat paid goods about 50 lakhs but vat input credit is only 2 lakhs How the gst input calculations Will it be on format or actual stock. The categories of services on which reverse charge will be applicable has not been announced yet.

Let us forex trading trend strategy a trader is registered under VAT and not under excise Let us call him X.

He receive goods manufacturers who are also registered under only VAT and not excise Let us call them Y. Y has purchased goods from Z who are manufacturers registered under excise and remove goods with excise and VAT. Now the goods in stock with X will have invoices showing only VAT and not excise, although the goods have suffered excise in the hands of Z. How can X take credit under GST of the nrg binary options login stock lying with me on the last date before implementation of GST?

Excise credit will be available in such a case. The credit australian binary options platforms profit 95 be given making money recycling cans CGST on the supply has been paid and proof of purchase of the goods has been provided.

E-way bill has to be generated on supplies whose value is more than Rs. For more details, we suggest you to refer our blog http: Yes, you can make interstate inward supplies without registration.

However, registration is mandatory for interstate outward supplies. Thanking You Tally Team for the above knowledgeable things. It is arranged in a unique way for all Accounting guys.

Any turnover slab in GST? You can learn about the threshold limit for registration under GST in our blog http: Basic information but Very useful to all, hope it will be continue as simple after implementation of GST in future. I am a manufacturer of box and and my row material comes with excise but as I am not registers in excise so we will adding it in our cost and selling with adding vat only so what about excise duty we had on having material on our stock can we eligible for that credit to carried forward in gst.

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While registration for GST, many partnership firms having one partner as HUF were unable to validate registration due to GST portal issue. Any idea whether this HUF issue is resolved? We have attended a seminar for one month back, One your tally programmer has told, VAT credit will be claimed within 2 year before, otherwise it is lapsed means.

You explain it in so simple language…really good Please put all gst related posts by you on website here. As you are currently registered, you will be auto migrated and given a provisional certificate of registration. If your put and call option gst does not cross the threshold limit, you can cancel the provisional registration using Form GST REG You also have an option to be voluntarily registered, even though the threshold limit is not crossed.

Can u explain whether the excise dealer can carry forward his input tax liabilty to GST. In current tax structure it is not allowed so when it comes to GST how it will reflect.??

Please visit our detailed blog on this http: Browse archives for December 13 Moving to GST Era: Learn How to Transition to GST Moving to GST: Can I Avail Input Credit on Closing Stock? Highlights of the Revised Draft Model GST Law. Tuesday March 7th, at Monday March 6th, at Friday March 3rd, at Tuesday April 11th, at Friday February 3rd, at Monday May 8th, at Tuesday January 31st, at Thursday February 23rd, at CA KRISHNA SHARMA says: Sunday January 22nd, at Monday January 9th, at Friday January 6th, at Wednesday January 4th, at Tuesday January 3rd, at Monday January 2nd, at Wednesday January 11th, at Prakash Malji solapur says: Thursday December 29th, at This Is Very Useful Information For Registered Business in GST Thanks to teamTally For Update Each and Every Tax Information About GST.

Wednesday December 28th, at Tuesday December 27th, at Monday December 26th, at Sunday December 25th, at Thank you explained information about input tax credit carry forward. Thursday December 22nd, at Sharma ADCSD, Patna says: Wednesday December 21st, at Very useful information for all accounts guys.

Thanks to team Tally. Thanks to all tally team for GST implimentation help. Monday December 19th, at Thanks for very knowledgeable things. Saturday December 17th, at Monday March 13th, at If the VAT credit reflects in the last return filed, it can be carried forward. You are really doing a wonderful job for the business community and the nation. Please update us with these relevant examples. Friday December 16th, at Rajendra B Banwat says: K S Pillai says: Tuesday February 7th, at Thursday December 15th, at GST 3 New Product Updates New Preview Plan and a Sneak Peek into Tally.

GST Composition Levy Explained Highlights of the Revised Draft Model GST Law How does GST Eliminate Tax on Tax? How does it Work? How to Distribute Input Tax Credit Understanding Input Service Distributor ISD in GST Scenarios where you cannot Avail Input Tax Credit Your Checklist for Availing GST Input Tax Credit How to Set Off Input Tax Credit Against Tax Liability in the GST Regime GST Input Tax Credit Explained [Video] 3 Registration How to Amend, Cancel, or Revoke GST Registration How to Apply for a New GST Registration Registered Dealer?

Learn How to Transition to GST 4 Migration of Taxes Moving to GST: Composition Dealer Switching to Regular Dealer Tax Impact on Goods Sold Prior to GST, but Returned after GST Moving to GST: For Registered Businesses 9 New GST Compliance New GST Rates — A Ready Reckoner How to Pay GST? What are the Accounts and other Records you should Maintain under GST Assessment of Tax Liability in GST Consequences of Non-compliance under GST How to Claim Tax Refund under GST Who is a GST Practitioner How to File Your GST Returns What are the Types of Returns Under GST?

What does it Mean? Impact of GST on Suppliers on e-commerce Platforms Have customers across states? How GST Law will Affect you Budget Pro Micro, Small and Medium Enterprises MSME Is GST on Track? What we can Infer from the Budget Speech Mr. Composition Levy — Does it Really Make Sense? Tally for GST Mobile App Tally for GST Mobile App. Connect with us facebook twitter youtube linkedin googleplus.

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