GST - TRANSITIONAL PROVISIONS - Draft Rules 31-3-2017

GST transitional rules allow registered persons to claim input tax credit via FORM GST TRAN-1 within sixty days. Registered persons must electronically submit FORM GST TRAN-1 within sixty days to claim input tax credit on carried-forward tax or stock at the appointed day, itemising prior-law claims, supporting declarations and, where applicable, capital goods and stock details; credits are to be credited to the electronic credit ledger (FORM GST PMT-2) and may be subject to verification and recovery proceedings.