CHAPTER – TRANSITIONAL PROVISIONS

1. Application in respect of tax or duty credit carried forward under any existing law or
on goods held in stock on the appointed day
(1) Every registered person entitled to take credit of input tax under section 140 shall, within
sixty days of the appointed day, submit an application electronically in FORM GST TRAN-
1, duly signed, on the Common Portal specifying therein, separately, the amount of tax or duty
to the credit of which the said person is entitled under the provisions of the said section:
Provided that where the inputs have been received from an Export Oriented Unit or a unit
located in Electronic Hardware Technology Park, the credit shall be allowed to the extent as
provided in sub-rule (7) of rule 3 of the CENVAT Credit Rules, 2004:
[this proviso only in CGST rules]……………………………….

Transition_Rules.pdf

Important Notifications on Cash Transactions

In Budget 2017-18, a ban on cash transaction of more than Rs 3 lakh has been proposed. The same has been mentioned in the Finance Bill 2017. But, the Govt of India has made amendment in Finance bill and has reduced the Cash transaction limit to Rs 2 Lakh.

This amendment has been passed through Finance Act, 2017 and notified on 31-March-2017. Complete details on Rs 2 Lakh Cash Transaction limit have been provided in a new section referred to as ‘Section 269ST‘.

As per Section 269ST, any person who enters into a transaction of Rs 2 Lakh or above in cash, will be liable to a penalty of an amount equivalent to the amount of transaction.

Various Threshold Limits under the Income Tax Act