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GST Insights
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Ensuring optimal compliance and business solution for your business
Ensuring optimal compliance and business solution for your business

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India moved a step closer towards implementing the goods and services tax (GST) after the center and the states struck a consensus on the GST rate and it’s structure of the ambitious tax reform. GST council rates sets at 5%, 12%, 18%, 28%. Plus some component of cess at 1%, 3%, 15% on some commodities falling under 28% rate.
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What shall be the treatment of Input Credit of old stock in Tran 1 After GST? We have shared a summary of possible options for filing Transition forms under GST / filing refund application for claiming old credit that appears through C/F Forms.
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Whenever a new law is implemented there is also a parallel phase which talks, that how & what will be the treatment of carry forward of input credit benefits prevailing in existing regime. This issues under GST will be taken care by Transitional provision. These provisions are covered u/s 140 of CGST Act.
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