CBIC amends transition plan under GST for the UTs of Jammu & Kashmir and Ladakh
Reference to the trail mail.
Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 03/2020-Central Tax dated 1st January, 2020 to amend transition plan for the UTs of Jammu & Kashmir and Ladakh laid vide Notification No. 62/2019-Central Tax dated 26th November, 2019.
Key points of the Amendment are:
- The registered Goods and Services Tax Identification Number (GSTIN) in the State of Jammu and Kashmir have an option to transfer the input tax credit (ITC) till 31st day of December, 2019 instead of 30th day of October, 2019 to the new GSTIN in the Union territory of Jammu and Kashmir or in the Union territory of Ladakh from 1st day of January, 2020 instead of 31st day of October,2019 by following the prescribed procedure.
- The balance of State taxes in electronic credit ledger of the class of persons, whose principal place of business lies in the Union territory of Ladakh shall be transferred as balance of Union territory tax in the electronic credit ledger from 1st day of January,2020 instead of 31st day of October, 2019.