Carry forward of Credit under GST regime

[Aitha RajyaLakshmi]

Sir,

What is the position of the credit in case of Purchases in Transit (Including Import), stock with Depot and Stock Transfer which are in Transit on the appointed day?

[KASTURI SETHI]

Dear Querist, Credit on purchases in transit on the appointed day would be allowed. Regarding the remaining points, no possibility of credit. However, any change in revised model GST Act can take place. Earlier, Sections were changed. So we will have to wait for the enactment of GST for authentic reply to every query on GST.

[Ganeshan Kalyani]

Let us wait for final version of GST law.

[YAGAY andSUN]

Whatever amount which had been shown in your Statutory Returns (VAT/Service Tax/Excise returns) would be allowed to be carried forward under GST regime. However, such portion of credit would be subject to checks and audit under respective VAT/Service Tax/Excise Laws and provisions made there under.

Final position will be freezed once the GST Law would come into final shape/version.

[YAGAY andSUN]

Goods lying at Depots/Warehouses/Godown/Private warehouses more than of 12 months would loose transferring of Credit under GST Laws. Please check this aspect also.

[sumit kaushik]

Dear Expert

Is it mandatory to take registration business vertical wise in GST