Meaning of Input Tax Stock under GST
The details about Input Tax Stock under GST are explained here.
Input Tax Stock
GST is a significant reform in the field of indirect taxes in our country. Multiple taxes lev-ied 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.
As GST seeks to consolidate multiple taxes into one, it is very essential to have transitional provisions to ensure that the transition to the GST regime is very smooth and hassle-free and no ITC (Input Tax Credit)/benefits earned in the existing regime are lost. The transition provisions can be categorised under three heads:
- Relating to Input Tax Credit
- Continuance of existing procedures such as job work for a reasonable period without any adverse consequence under GST law
- All claims (pending as well as future) pertaining to existing laws filed before, on or after the appointed day
Transitional arrangements for ITC
Elaborate provisions have been made to carry forward the ITC earned under the existing law. Such credit should be permissible under the GST law. However, the taxable person opting for composition scheme would not be eligible for carry forward of the existing ITC. ITC of various taxes under the existing laws (CENVAT credit, VAT etc.) would be carried forward as under:
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