Rule 120 of ‘Central Goods and Services Tax (CGST) Rules 2017’: Details of goods sent on approval basis
Provisions under Rule 120 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Details of goods sent on approval basis”, are as under:
CGST Rule 120 : Details of goods sent on approval basis (Chapter-XIV: Transitional Provisions)
Every person having sent goods on approval under the existing law and to whom sub-section (12) of section 142 applies shall, within [the period specified in rule 117 or such further period as extended by the Commissioner]$1 submit details of such goods sent on approval in FORM GST TRAN-1.
$1. The words “the period specified in rule 117 or such further period as extended by the Commissioner” substituted for the words “ninety days of the appointed day” vide Notification No. 36/2017 Central Tax dt. 29 Sept. 2017
Above information is based on Updated Compilation of “CGST Rules 2017” (as amended upto 9 Oct. 2018) shared by CBIC (i.e. as notified/ amended upto 9 Oct. 2018 by the CBIC). For detailed/ official information and/or subsequent updates, please refer relevant Notifications.
It may be noted that Rules 27 to 138 (pertaining to various Chapters) of the Central Goods and Services Tax (CGST) Rules, 2017 were initially notified by CBIC (CBEC) vide CGST (2nd Amendment) Rules, 2017 Notification No. 10/2017 Central Tax dt. 28 June 2017, applicable w.e.f. 1 July 2017 (or as may be specified in respective Rules).