With the introduction of GST Regime, a taxpayer is required to carry forward the balance of CENVAT credit / Input Tax Credit (ITC) to GST regime and adjust it against GST liability. Also, vide section 140(3) of Transitional Provisions contained in Central Goods and Services Tax Act, 2017 (CGST Act)
INDIA has put into action the biggest Indirect Tax reform since independence i.e. the past structure of indirect taxation for goods and services has been replaced by a comprehensive Goods and Services Tax (GST). With GST around the corner, it is extremely critical for businesses to comply, issue and maintain appropriate documents including invoices, vouchers, etc.
