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With GST regime implemented , transitional provisions from previous tax laws to GST is an important concern for existing taxpayers. Specific transitional provisions have been prescribed in the GST law to facilitate smooth transition.
Migration of Existing Users
Existing indirect taxpayers registered under VAT/Service Tax need to migrate and register under GST regime.
Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis. This certificate issued would be valid for a period of 6 months.
Transition of Input Tax Credit
Input Tax Credit (ITC) is one of the major concern for the registered persons.
GST law enable carry forward of eligible credit of taxes outstanding under the previous indirect laws into the GST regime. ITC claimed in the return filed under previous laws for the period prior to July 1, 2017 would be transferred to the electronic credit ledger.
The transitional provisions enable the taxpayers to carry forward unutilised credit in various form such as:
The credit of inputs held in stock (as inventory, semi-finished goods or finished goods) used for taxable supplies under GST
Credit for services received by an input service distributor (ISD) prior to implementation of GST, but invoice received post implementation
Credit carried forward by a taxpayer having centralised registration
Goods removed for job work, testing, prior to implementation of GST but returned post implementation
Existing manufacturers/dealers can claim the CENVAT credit in respect of input held in stock, semi-finished or finished goods held in stock if the following conditions are satisfied-:
The said taxable person passes on the benefit of such credit by way of reduced prices to the recipient;
A taxable person is eligible for input tax credit on such inputs under GST;
The said taxable person is in possession of invoices and/or other prescribed documents evidencing payment of duty under the earlier the law in respect of such inputs;
Such invoices and/or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day;
The supplier of services is not eligible for any abatement under GST.
Transactions falling in both Tax Regime
Goods and/or services supplied on or after July 1, 2017 under a contract entered prior to the introduction of GST shall be subject to GST.
Any increase or decrease in the price of goods and/or services arising from a contract executed prior to implementation of GST to be affected by the issue of a debit note/credit note. In case of issue of credit note, there may be double taxation.
Tax liability to be adjusted only if the recipient of the credit note reverses his corresponding credit.’
Refunds Claimed
Refund claims relating to credits, duties, taxes and interest paid under previous laws filed on, before or after implementation of GST will be disposed of as per previous laws.
Refund claims filed after implementation of GST for the refund of any tax or duty paid under the current law in relation to goods and/or services exported after implementation of GST to be disposed of as per current laws.
Goods sent for job work and returned on or after July 1, 2017
In case any inputs or semi-finished goods had been removed before the appointed date from the factory of the manufacturer and sent to a job worker for carrying further processing and the same is received on or after July 1, 2017, no tax shall be payable if the following conditions:
Such goods are returned to the factory within 6 months from the appointed date (extendable for a maximum period of 2 months)
Declaration of the goods held by job worker is done in specified form and manner
Supply of semi-finished goods is done after payment of tax in India or they are exported within 6 months .
No tax is payable for excisable finished goods removed before GST regime .(for carrying certain processes and returned on or after July 1, 2017).
If the goods are not returned within 6 months or extended period, input tax credit shall be recovered respectively.
Further, appeal review or reference; assessments or adjudication proceedings initiated before, on or after implementation of GST to be processed under the existing laws.
