Transition provisions are incorporated under GST to enable existing taxpayers to migrate to GST in a transparent and accurate manner. One of the major concerns for businesses is the availability and eligibility for claiming input tax credit when the current indirect tax regime changes to GST. To guard these transactions and events, the CGST Act and Rule, 2017 has certain transition provisions w.r.t. the closing balance of input tax credit with existing taxpayers under the existing indirect tax regime.
