GST Transitional Provisions - Documents required

In continuation to my earlier post on transitional provisions

http://simplesaravanan.blogspot.in/2017/05/transitional-provision-under-gst-input.html

in this article let us understand what are the documents required to avail credit of stocks lying with us as on 30.6.2017

Manufacturers

For Goods

Section 140(1) of CGST - Subject to conditions laid down, If they are registered under Central Excise and are filing returns under Central Excise regularly, then the balance of CENVAT credit shown in the monthly returns is sufficient  proof to claim credit under CGST.

If they are registered under VAT and are filing returns under VAT regularly, then the balance of VAT credit shown in the monthly returns is sufficient  proof to claim credit under SGST.

Documents to submit : An Application electronically within 60 days in form GST TRAN-1

 For Capital Goods

Section 140(2) of CSGT - Subject to conditions laid down, if they are registered under Central Excise then  the balance CENVAT credit shown in returns & the credit of unavailed amounts (50%) can be availed.  For this a statement needs to be prepared for the unavailed CENVAT credit with details of supplier, invoice number, details of original credit and balance credit now claimed.  This should be filed in Form GST TRAN-1

Dealers / Distributors - Registered / un-Registered

1. To provide stock declaration on the closing date (ie) 30.6.2017
2. For the  stocks declared under provision 1 above, should provide all input invoices and make a statement showing the excise duty / VAT paid on them.  The excise duty  / VAT should be shown explicitly in the input invoices.  Note the  input invoices should not be more than 12 months old.
3. If for the stocks declared under provision 1 above, not able to provide input invoices then they will be allowed credit on sale of these products within 6 months.  The formula is on the selling price 40% of CGST (not SGST) will be allowed as credit.  If you are paying 18% GST then 9% will be CSGT on that 40% will be allowed as credit.  Similar provisions are expected in SGST also.

All the above details should be filed in Form GST TRAN.... (to be notified) for availing this credit benefit.

Material despatched on 29.6.2017 received on 10.7.2017

If materials are despatched under old laws paying excise and VAT, but received after GST implementation, then within 30 days should provide details of supplier invoice, quantity, description, value, tax amounts in prescribed form to avail of credit  If 30 days is not adequate then permission should be sought from relevant authorities well before the time.