Daily Archives: August 15, 2017

Allow Carry forward of Transitional Credit under GST if Invoice if older than 12 months : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 49. Carry forward of credit – Sec 140 (3)(iv) Section 140(3)(iv) allows a specified registered person, to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods… Read More »

Category: GST

Allow Transitional Credit under GST if supplier of services not availed abatement : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 45. Eligibility of Transitional Credit subject to the condition that supplier of services is not eligible for any abatement Section 140(3) (v) of CGST Act, 2017 provides that transitional credit to a registered taxable person covered under Clause 140 (3) shall, amongst… Read More »

Category: GST

Relax transitional ITC time limit under GST if Invoice older than 12 months : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 44. Invoice not to be older than 12 months for availing credit Clause (iv) of Section 140(3) of CGST Act, 2017 provides that transitional credit to a registered taxable person covered under Section 140(3) shall, amongst others, be subject to the condition… Read More »

Category: GST