Transition Rules extend time-limit, notional ITC upto 60% where GST rates above 18%

GST Rules on ‘Transition’ extend the time limit for claiming Input Tax Credit of carried forward taxes and duties in Form TRAN-1 u/s 140 of CGST Act to 90 days; Application for claiming ITC under SGST Act must separately specify value of claims made in respect of inter-state sales, in-transit sales, sale in the course of exports, branch sales and sales made to SEZs, alongwith serial number and value of declarations in Forms C and/or F and Certificates in Forms E and/or H ...