Industry gets 90 days to claim credit for GST transition stock

Traders and retailers can file declarations within 90 days claiming a tax credit for transition stock after the GST rolls out from July 1. The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days. The transition rules approved by the GST Council provides that "every registered person entitled to take credit of input tax shall, within 90 days of the appo…