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of <h1>Businesses Can Carry Forward Tax Credits Under GST by Filing FORM GST TRAN-1 Within 90 Days of July 1, 2017</h1> The transitional provisions for availing Input Tax Credit (ITC) under the GST regime allow businesses to carry forward CENVAT or VAT credits from the previous tax system, provided returns for the last six months were filed. To claim this credit, businesses must submit FORM GST TRAN-1 within 90 days of July 1, 2017. Unavailed credit on capital goods and duty-paid stock credits are also claimable with proper documentation. Specific schemes were available for traders without duty invoices, and provisions exist for inputs in transit and credits related to exempted goods now taxable. Taxpayers switching between schemes must meet specific conditions to carry forward credits. Centralized registration holders and agents with capital goods can also claim credits under certain conditions.
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