CBIC Issued A Notification_Seeks To Amend The Notification To Amend The Transition Plan For The Uts Of J&K And Ladakh
CBIC issued a recent notification no. 03/2020 - Central Tax, dated 01st January 2020, which seeks to amend the notification No. 62/2019-CT dated. 26.11.2019; the transition plan for the UTs of J&K and Ladakh.
Summary of the notification issued is as follows:
Registered persons whose principal place of business lies in the erstwhile State of Jammu and Kashmir have an option to transfer the input tax credit (ITC) from the registered Goods and Services Tax Identification Number (GSTIN), till the [31st day of December, 2019] in the State of Jammu and Kashmir, to the new GSTIN in the Union territory of J&K or in the Union territory of Ladakh.
As per recent amendment, electronic credit ledger balance as on 31st December 2019, could be allocated to the new GSTIN whereas earlier, the registered persons had an option to transfer the ITC from the GSTIN, till the 30th day of October 2019 in the state of J&K to the new GSTIN.