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of <h1>GST Transition Provisions: Smooth Shift to Unified Tax, ITC Rules, Stock Credits, Job Work, and Pending Claims Explained.</h1> The GST transition provisions aim to ensure a smooth shift from multiple indirect taxes to the unified Goods and Services Tax. Key aspects include carrying forward input tax credits (ITC) from previous tax regimes, with specific rules for closing balances, un-availed credits on capital goods, and duty-paid stock. Provisions also address goods in transit, job work, and goods sent on approval. Taxpayers under previous composition schemes can claim ITC on stock, subject to conditions. Transitional rules cover job work, goods returned, and price revisions in contracts. Pending claims under old laws are handled under existing provisions, with specific rules for refunds and recoveries.
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