GST Transitional Issues

These are some major transitional issues in GST regime are listed below:

  • Obtaining registration certificate;
  • Transition of CENVAT or input tax credits;
  • Taxation on overlapping transactions;
  • Treatment for transactions covered under Purchase tax/reverse charge;
  • Taxation in case of transactions in the nature of continuous supply of goods or services;
  • Goods in transit or pending approval;
  • Pending refund claims;
  • Goods lying with job-worker premises/agents;
  • Treatment for units covered under industrial incentives/exemptions;
  • Branch stock or asset transfers;
  • Price restriction, monitoring and revision;
  • Sales made during current regime and sales return in GST regime;
  • Exempt goods returned after sale;
  • Treatment for goods and services currently taxed at lower rate;
  • Transition entries in the books of accounts;
  • Filing of returns, completion of assessments, audits, appeals etc.

This article focuses on the transitional issues that shall be faced in respect of ‘Obtaining registration under GST’ and the immediate action that needs to be taken by the business entities to ensure smooth registration process.

For more information on GST Transitional rules click here