How to differentiate Input Tax Stock with Transition credit?
What is Input Tax Stock? How does Transition credit work under GST regime? What are the difference between Input Tax Stock and Transition credit?
Transition credit means balance of input tax credit under Pre-GST Regime to carry for the purpose of setoff against the GST Liability in GST Regime.
GST is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and States would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or ser-vices or both.
The details about Input Tax Stock and Transition credit with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Input Tax Stock and Transition credit, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, We give below web links on Input Tax Stock and Transition credit separately below. You may kindly read the below links to know more about Transition credit and Input Tax Stock.
Input Tax Stock under GST
Term Transition credit under GST
The above information easily explains about Transition credit and Input Tax Stock.
We hope, you have satisfied with the difference between Input Tax Stock and Transition credit explained above. Do you have different thought on difference between Transition credit and Input Tax Stock?
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