TaxTMI 
TaxTMI 
Carry forward of Credit under GST regime
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....arry forward of Credit under GST regime<br> Query (Issue) Started By: - Aitha RajyaLakshmi Dated:- 11-3-2017 Last Reply Date:- 17-4-2017 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>Sir, What is the position of the credit in case of Purchases in Transit (Including Import), stock with Depot and Stock Transfer which are in Transit on the appointed day? Reply By KASTURI SETHI: The Reply:....
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.... Dear Querist, Credit on purchases in transit on the appointed day would be allowed. Regarding the remaining points, no possibility of credit. However, any change in revised model GST Act can take place. Earlier, Sections were changed. So we will have to wait for the enactment of GST for authentic reply to every query on GST. Reply By Ganeshan Kalyani: The Reply: Let us wait for final version o....
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....f GST law. Reply By YAGAY AND SUN: The Reply: Whatever amount which had been shown in your Statutory Returns (VAT/Service Tax/Excise returns) would be allowed to be carried forward under GST regime. However, such portion of credit would be subject to checks and audit under respective VAT/Service Tax/Excise Laws and provisions made there under. Final position will be freezed once the GST Law wou....
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....ld come into final shape/version. Reply By YAGAY AND SUN: The Reply: Goods lying at Depots/Warehouses/Godown/Private warehouses more than of 12 months would loose transferring of Credit under GST Laws. Please check this aspect also. Reply By sumit kaushik: The Reply: Dear Expert Is it mandatory to take registration business vertical wise in GST<br> Discussion Forum - Knowledge Sharing ....