Tag Archives: Refunds and Arrears

GST transition

GST transition

With the introduction and (Goods and Service tax) GST implementation, the Indian tax structure for goods and services has become much broader. Under GST, multiple taxes are admixed into one. Transition from traditional tax structure to GST needs careful exercise. Hence, it is vital to have rules ensuring smooth transition to GST in place. The 3 types of transitional provisions are:

  • Input tax credit (ITC)
  • Refunds and arrears
  • Other cases : Job work, Input Service Distributor(ISD), Composition scheme

Input tax credit (ITC)
Various provisions are made for the smooth ITC transition under VAT, excise duty or service tax to GST.  … Read more