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The time limit for claiming input tax credit on GST transition stock has been increased to three months. Some rule changes have also been made.
08th June, 2017 Traders and retailers all over the country were worried about the input credit for the stock in hand and its treatment once GST rolls out on July 1st. Now, the GST Council has increased the time limit for claiming input credit to 90 days from the 60 days earlier mentioned in the draft rules. Also, when such goods are sold and IGST is paid on the transaction, the deemed credit will be available at the rate of 30 percent if the IGST rate is above 18 percent. In any other case, only 20 percent of the deemed credit will be available. As reported in the Economic Times
