What Is Transition Provision:
Wherever a new law is introduced, transition provision plays a very important role as it act as a bridge between the old law and the new law. These transition provision enable carry forward of unutilized input tax credit under the CENVAT Credit Rules, 2004 and the state level VAT rules into GST.
There are various question will arises in the mind of businessman about un-utilised input tax credit of earlier law and Duty paid stock under different situations. It is to be noted that Input tax credit as per CENVAT credit rule can be carried forward only as CGST and Input tax credit as per VAT law can be carried forward as SGST.
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