GST transition rules

GST transition rules have been released by GSTIN. These rules contains the provisions related to transition.Major heads covered in these rules are.

1. Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day
2. Declaration of stock held by a principal
3. Details of goods sent on approval basis
4. Recovery of credit wrongly availed

The details related to existing credit will be given in form GST TRAN-1. Once the form is duly filed the credit will be transferred to the CGST or SGST account of taxpayer.