How to differentiate Refunds Mechanism with Transition credit?
What is Refunds Mechanism? How does Transition credit work under GST regime? What are the difference between Refunds Mechanism and Transition credit?
Under GST system, the following information explains about Refunds Mechanism and Term Transition credit.
Under GST Regime, The term Refunds Mechanism is the mechanism about the method of refunds explained as per GST Act. Refunds are expected to be processed faster with 90% of the total refund amount being available on submission of proper documents. 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.
The details about Refunds Mechanism and Term Transition credit with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Refunds Mechanism and Term 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 Refunds Mechanism and Term Transition credit separately below. You may kindly read the below links to know more about Term Transition credit and Refunds Mechanism.
Term Refunds Mechanism under GST
Term Transition credit under GST
The above information easily explains about Term Transition credit and Refunds Mechanism.
We hope, you have satisfied with the difference between Refunds Mechanism and Term Transition credit explained above. Do you have different thought on difference between Term Transition credit and Refunds Mechanism?
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Section 170 Rounding off of tax, CGST Act, 2017
Sec 168 of CGST Act, 2017 Power to issue instructions or directions
Section 163 of CGST Act, 2017 Levy of fee
Publication of information in respect of persons in certain cases, Section 159 of CGST Act, 2017
Section 156 Persons deemed to be public servants, CGST Act, 2017
Power to collect statistics, Section 151 of CGST Act, 2017
Goods and services tax compliance rating, Sec 149 of CGST Act, 2017
Section 146 of CGST Act, 2017 Common Portal
Section 145 of CGST Act, 2017 Admissibility of micro films, facsimile copies of documents
Job work procedure, Section 143 of CGST Act, 2017
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