GST Answer

composition scheme under current regime to normal tax payer under GST will attract transition provision and will be allowed credit of duties held in stocks as inputs or credit of value added Tax in respect of inputs and inputs contained in semi-finished or finished goods

Deposits will be brought forward in ITC Trans 1

Deemed Credit will be available on stock in hand provided the conditions of section 140(3) read with Rule 1(4) of Transition Rules are satisfied.

Closing ITC in VAT return will be allowed to be carry forward in GST.

Balance VAT credit will be done as SGST credit.

Transition credit can be availed by filing the respective forms under Transition rules.

Securities have been specifically excluded from the definition of goods as well as services. Thus, the transition in securities shall not be liable to GST.

Supplies to SEZs are zero-rated supplies as defined in Section 16 of IGST Act.

In your new registration application, if you have referred to your past registration no. of Central Excise or Service Tax, you will be eligible for transitional credit under Section 140 of CGST Act, 2017 read with Rule 117 of CGST Rules, 2017.