Notification 62/2019-Central Tax ,dt. 26-11-2019
Notification 62/2019 notifies special procedure to be followed till 31st December 2019 i.e. transition date for person having principal place of business in state of J&K and are now lies in Union Territory of J&K or Union Territory of Ladakh Said class of persons shall:
- Ascertain the tax period October: 1st to 30th October November- 31st October to 30th November
- Irrespective of the particulars of tax charged in the invoices or in other like documents, raised from 31 October 2019 till the transition date, the assessee shall pay the appropriate applicable tax in the return
- Option to transfer the input tax credit (ITC) from the registered Goods and Services Tax Identification Number (GSTIN), till the 30 October 2019 to the new Union territories by following the procedure as below
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- Intimate the jurisdictional tax officer of the transferor and the transferee regarding the transfer of ITC, within one month of obtaining new registration
- ITC shall be transferred on the basis of ratio of turnover of the place of business in the 2 Union territories;
- The transferor GSTIN would be debiting the said ITC from its electronic credit ledger in Table 4 (B) (2) of FORM GSTR-3B and the transferee GSTIN would be crediting the equal amount of ITC in its electronic credit ledger in Table 4 (A) (5) of FORM GSTR-3B , before the transition date
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- The balance of SGST in electronic credit ledger of persons, whose principal place of business lies in the Union territory of Ladakh from the 31 October, 2019, shall be transferred as balance of Union territory tax in the electronic credit ledger
- The provisions of clause (i) of section 24 (“compulsory registration in certain cases”) of the said Act shall not apply on the said class of persons making inter-State supplies between the Union territories of Jammu and Kashmir and Ladakh from the 31 October 2019 till the transition date
