Transition provisions under GST regime

India will roll out the goods and services tax, or GST, on July 1.

The new levy will replace central taxes including central excise duty, service tax, countervailing duty and state taxes such as value added tax, purchase tax and entertainment tax.

Hectic preparations are on at various levels in industry and business including inventory destocking to ensure they begin on a clean slate with the GST.

ET-PwC explains the transition provisions through a refrigerator manufacturer: