https://www.taxtmi.com/article/detailed?id=7022 The Model GST regime provides for automatic carryover of closing Input Tax Credit from the last pre-GST return into the first GST return, mapping central and state credits to CGST and SGST respectively. Because the ITC amount is imported from the prior return without a correction mechanism after the first GST filing, taxpayers must file accurate final pre-GST returns and retain invoices and records; specific provisions also permit manual declaration of unclaimed capital goods credit and permit eligible unregistered or composition-to-regular taxpayers to claim ITC on closing stock subject to prescribed documentary and admissibility conditions. en-us Wed, 05 Oct 2016 08:16:50 +0530 Wed, 05 Oct 2016 10:13:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7022 The Model GST regime provides for automatic carryover of closing Input Tax Credit from the last pre-GST return into the first GST return, mapping central and state credits to CGST and SGST respectively. Because the ITC amount is imported from the prior return without a correction mechanism after the first GST filing, taxpayers must file accurate final pre-GST returns and retain invoices and records; specific provisions also permit manual declaration of unclaimed capital goods credit and permit eligible unregistered or composition-to-regular taxpayers to claim ITC on closing stock subject to prescribed documentary and admissibility conditions. Articles Goods and Services Tax - GST Wed, 05 Oct 2016 08:16:50 +0530 https://www.taxtmi.com/article/detailed?id=7022