TaxTMI 
TaxTMI 
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?
Carry forward of Credit under GST regime
11 Mar 2017 
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Guest 
Carry forward of input tax credit under GST: purchases in transit permitted, other stock eligibility contingent on enacted law.
Purchases in transit on the appointed day are permitted to be carried forward as credit. Credits shown in prior statutory returns are contemplated to be carried forward but remain subject to reconciliation, checks and audits under legacy laws and transitional provisions. Goods held at depots/warehouses beyond an indicated aging threshold risk losing eligibility to transfer credit. Final entitlement and procedural requirements, including any need for registration by business vertical, depend on the provisions of the enacted GST law. (AI Summary)
Purchases in transit on the appointed day are permitted to be carried forward as credit. Credits shown in prior statutory returns are contemplated to be carried forward but remain subject to reconciliation, checks and audits under legacy laws and transitional provisions. Goods held at depots/warehouses beyond an indicated aging threshold risk losing eligibility to transfer credit. Final entitlement and procedural requirements, including any need for registration by business vertical, depend on the provisions of the enacted GST law. (AI Summary)