Column : GST Transition provisions – The devil is in the fine print

It is a cliché to suggest that detailed analysis of the provisions of any law would throw up some surprises – often unexpected ones! Section 167(1) of revised Model GST law allows carry forward of credit of VAT / Entry Tax appearing in the last return under current regimes. However, a closer look at the second and third proviso thereto reveals that the carrying forward of entire amount is subject to certain restrictions, which could disturb the calculus of most companies.&...