9911796707
TMI BlogTRANSITIONAL PROVISIONS RELATING TO JOB WORK, GOODS RETURNED/SENT FOR APPROVAL ETC.X X X X Extracts X X X X X X X X Extracts X X X X ..... y/VAT under the existing law. No GST is payable by the job worker when such goods are returned by him within six months from 01.07.2017. The period, on sufficient cause being shown, can be extended by the Commissioner, GST for a further period not exceeding two months. If not returned within the prescribed period, then ITC shall be liable to be recovered from the principal according to Section 142 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods. ITC can be claimed. 4.3. Goods sent on approval basis before 6 months of the appointed day i.e. 1st July, 2017 but returned within 6 months from 1st July, 2017: No tax is payable by the person returning the goods. Commissioner may extend for a further period not exceeding two months. If returned after that, tax is payable if the supply is taxable under GST by the recipient. If not returned, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d supply made under this Act. A registered person will reduce his tax liability for such credit note subject to reversal of credit by the recipient. 4.6. Proceedings under the existing laws: GST law has become operational w.e.f. 1st July, 2017 and existing laws have been repealed. Elaborate provisions have been made to save the pending as well future claims relating to existing law made before, o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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