CBEC explains Transition provisions under GST; Notional ITC scheme only for traders

CBEC explains ‘transition’ provisions under GST law, which have been categorized under 3 heads – (i) relating to Input Tax Credit, (ii) relating to job work, goods returned / sent on approval, (iii) All claims (pending as well as future) pertaining to existing laws filed before, on or after appointed day; Scheme of notional / deemed Input Tax Credit available only to traders, not manufacturers or service providers; In case of input / input services in transit, registere...