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.
- Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day
- Declaration of stock held by a principal
- Details of goods sent on approval basis
- 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.