GST, a comprehensive indirect tax system, was introduced on 1st July, 2017. The businesses are in the transition phase, and doing everything possible to get equipped with new taxation reform. Among the various aspects, migrating of input tax credit (ITC) is an important one. The closing balance of ITC of CENVAT, VAT, Service Tax as on 30th June, 2017, will be allowed to carry forward as input tax credit to GST. CENVAT (Including Service Tax) will be carried forward as CGST input tax credit, and VAT will be carried forward as SGST input tax credit. While this sounds too simple for businesses, there are certain conditions and actions which businesses need to carry out to get the complete ITC without […]
By admin|2019-11-27T11:31:12+00:00July 25th, 2017|carry forward closing balance itc, carry forward itc, cenvat to gst, GST, gst input tax credit, gst itc, input tax credit on closing balance, ITC, itc migrate, service tax credit to gst, Tax, vat itc, vat itc to gst|Comments Off on How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?