Trader not registered under any of current laws now registered under GST


Credit will be available in respect of stock held on 30th June 2017

Credit of VAT will be allowed in accordance with the following terms

  • Goods should be used to make taxable GST supplies
  • ITC in respect of the inputs should be eligible under GST
  • VAT or retail invoice evidencing payment of duty is essential
  • Date of issue of such invoice must be on or after July 1, 2016
  • GST FORM TRAN-1 to be filed by 28th September 2017 and should contain the details about stock held on June 30, 2017 and credit to be availed
  • Credit shall be carried forward as SGST credit

 Credit of excise duty, CVD and SAD where duty paying document is available

  • Goods should be used to make taxable GST supplies
  • ITC in respect of the inputs should be eligible under GST
  • Excise invoice / Bill of entry evidencing payment of duty is essential
  • Date of issue of such document must be on or after July 1, 2016
  • GST FORM TRAN-1 to be filed by 28th September 2017 and should contain the details about stock held on June 30, 2017 and credit to be availed
  • Credit shall be carried forward as CGST credit

Credit of excise duty, CVD and SAD where duty paying document is not available

  • All the above conditions will be applicable except the requirement to have excise invoice / bill of entry
  • Notional CGST credit will be available as per the following table after sale of stock:
    GST Rate Notional Excise Duty Credit (of the sale price)
    • 5%
    • 1%
    • 12%
    • 2.4%
    • 18%
    • 5.4%
    • 28%
    • 8.4%
  • The credit will be available only if the stock is sold by December 31, 2017
  • Besides GST FORM TRAN-1, GST FORM TRAN-2 needs to be filed on monthly basis to declare sale of old stock and claim its credit