TRANSITIONAL PROVISION

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Introduction

Since we have already entered into a new Indirect Tax Regime known as GST, Transitional Provisions are very crucial and important to understand and implement. Various initial questions such as — What will happen to our stock lying on the appointed day or What will be the treatment of pending adjudication, appeals, refunds, goods sent on job work, etc. once GST gets implemented whether it will be as per new law i.e. GST or the existing law.

Another relevant question was what will happen to my balances in CENVAT or VAT credit account. Whether it will be available in new regime or not. All these questions are addressed properly under the transitional provisions and for smooth implementation of GST, we need to understand the transitional provisions minutely and follow the provisions and procedures specified.

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