How to differentiate Transfer of credit with Transition credit?
Difference between Transition credit and Transfer of credit under GST terms
What is Transfer of credit? How does Transition credit work under GST regime? What are the difference between Transfer of credit and Transition credit?
Under GST system, the following information explains about Transfer of credit and Transition credit.
As per GST terms, Transfer of credit means transfer input tax credit balance to another person in case of sale of business .Transition credit means balance of input tax credit under Pre-GST Regime to carry for the purpose of setoff against the GST Liability in GST Regime.
The details about Transfer of credit and Transition credit with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Transfer of credit and Transition credit, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Transfer of credit and Transition credit separately below. You may kindly read the below links to know more about Transition credit and Transfer of credit.
Transfer of credit on sale, merger, amalgamation, lease Means
Term Transition credit under GST
The above information easily explains about Transition credit and Transfer of credit.
We hope, you have satisfied with the difference between Transfer of credit and Transition credit explained above. Do you have different thought on difference between Transition credit and Transfer of credit?
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