The closing balance of ITC as per the last return filed before GST can be taken as credit in the GST regime.
The credit will be available only if the returns for the last 6-months i.e. from January 2017 to June 2017 were filed in the previous regime (i.e. VAT, Excise and Service Tax returns had been filed).
Form TRAN 1 has to be filed by 31st October 2017 to carry forward the Input Tax Credit.
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