Transition appliances are integrated under GST to enable existing taxpayers to emigrate to GST in a Transparent and exact manner.
One of the major interests for the businesses is the eligibility and availability for collecting input tax credit when the current indirect tax system changes to GST.
Every business is expecting to make the transition to the new law under GST as the business gets the closer to the selected day. Taxpayers already registered under service tax/VAT also need to register under GST.
To protect these events and transactions, the GST law model has convince transition appliances w. r. t. to the closing balance of input tax credit with current taxpayers under the actual indirect tax system.
At Taxvibe, we shall explain few such appliances in this article which are given below: