Transitional provisions

Tax or tariff credit carried forward either under applicable statute or on items that were in stock on the designated day -

Every registered person who qualifies for an input tax credit under Section 140 must submit a digital declaration in Form GST TRAN1, duly signed, on the Common Portal within 90 days of the designated day, specifying therein, separately, the amount of the input tax credit to which he is obligated under the regulations of the said Section. The Commissioner may, based on the Council's recommendations, extend the 90-day term by an additional 90-day period maximum. Know more about tax exemption.

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Furthermore, the credit will only be granted if the inputs came from an Export Oriented Unit or a unit situated in the Electronic Hardware Technology Park.

Under the aforementioned sub-rule, each statement must:-

(a) Whenever a claim is made under subsection (2) of section 140, the following information must be supplied separately for each item of capital equipment as of the designated day:-

        (i) the amount of tax or duty reimbursable or used in accordance with each of the current legislation up until the designated day, and

        (ii) the amount of tax or duty that has not yet been claimed or used in accordance with any applicable legislation as of the designated day;

(b) When making a claim under section 140's paragraph (3), proviso, clause (b) of subsection (4), subsection (6), or subsection (8), be sure to provide specific information about the stock owned on the designated day;

(c) Give the information below when filing a claim under section 140's subsection (5):-

        (i) the source's name, the invoice's serial number, the date it was issued, or any other document that would qualify for an input tax credit under current law,

        (ii) the details and cost of the products or services,

        (iii) the number of products, along with the unit or unit quantity code,

        (iv) the total of all applicable taxes and duties, or, if applicable, the value-added tax (or entrance tax) imposed by the provider on the products or services, and

        (v) the day that the receiver records the receipt of products or services in their accounting records.

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