Transition Provisions Under Cgst Act Transition Rules 2020
Transition Provisions under CGST Act Introduction GST is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and States, have been replaced by GST. GST is a multistage value added tax on consumption of goods or services or both. As GST seeks to consolidate multiple taxes into one, it is very essential to have transitional provisions to ensure that the transition to the GST regime is very smooth and hassle-free and no ITC (Input Tax Credit)/benefits earned in the earlier regime are lost....