ITC on goods held in stock

[AspTax Discussion Forum]

Provided below is the rule related to claiming of ITC on stocks on hold. As per the rule they need to submit the FORM GST TRAN-1 in the GST portal within 90 days from july 1st. (i.e.before October)

117. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day.- 

(1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the common portal specifying therein, separately, the amount of input tax credit of eligible duties and taxes, as defined in Explanation 2 to section 140, to which he is entitled under the provisions of the said section: Provided that the Commissioner may, on the recommendations of the Council, extend the period of ninety days by a further period not exceeding ninety days. Provided further that where the inputs have been received from an Export Oriented Unit or a unit located in Electronic Hardware Technology Park, the credit shall be allowed to the extent as provided in sub-rule (7) of rule 3 of the CENVAT Credit Rules, 2004