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GST Rollout: Industry Given 90 Days to Claim Credit for Stock
June 15, 2017
As per the GST law, retailers and traders will get 90 days to file declarations for claiming credit for their stock after the new regime is launched on July 1. Initially, when the GST draft was brought up, this period was set to 60 days.
The traders can receive the credit of input tax within 90 days after the rollout by submitting a declaration in an electronic format which mentions the exact amount of ITC they are eligible for.
For goods, worth more than Rs. 25,000 the government will reimburse the 100% of the excise duty applicable. The traders and retailers can also avail 60% credit for SGST and CGST dues when GST rate is higher than 18%, and 40% when the rate is below 18%.
