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Traders to Receive 90 Days for Claiming Credit for GST Transition Stock

Traders Get 90 Days to Claim Credit

Retailers and traders will receive 90 days to claim credit on stocks which would be in transition post GST roll-out from July 1. The traders can file an application electronically declaring the amount of input tax credit to which he is entitled.

Moreover, GST Council amended transition rules pertaining claim of 60% against CGST and SGST dues wherein the tax rate charged on goods exceeds 18%. However, in cases where the tax rate charged is lower than 18% the traders can claim deemed credit of 40% against their CGST and SGST dues.

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