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Industry receives 90 days to claim credit for GST transition stock

The traders and retailers will be able to file declarations within 90 days claiming the tax credit for transition stock after the GST rolls out from July 1.

The transition rules approved by the GST Council provides that “every registered person entitled to take credit of input tax shall, within 90 days of the appointed day, submit a declaration electronically specifying separately, the amount of input tax credit to which he is entitled.”

It also gives commissioners the power to extend this period by further 90 days on the recommendation of thw GST Council.

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