Presentations on GST - Transitional Provisions

GST transitional provisions allow migration of taxpayers and carry forward of CENVAT/VAT credits under specified sections. Transitional provisions allow migration of existing taxpayers with carry-forward of declared CENVAT/VAT credits as Input Tax Credit, limited allowance for unavailed credit on capital goods, and credit for inputs held in stock or used in formerly exempt goods. They also address credit entitlement when switching from composition to normal scheme, the amount payable to enter composition, and return-of-goods rules for previously exempt or duty-paid items.