Rule 119 of ‘Central Goods and Services Tax (CGST) Rules 2017’: Declaration of Stock held by a Principal and Agent
Provisions under Rule 119 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Declaration of Stock held by a Principal and Agent”, are as under:
CGST Rule 119: Declaration of Stock held by a Principal and Agent (Chapter-XIV: Transitional Provisions)
Every person to whom the provisions of section 141 apply shall, within [the period specified in rule 117 or such further period as extended by the Commissioner]$1, submit a declaration electronically in FORM GST TRAN-1, specifying therein, the stock of the inputs, semi-finished goods or finished goods, as applicable, held by him on the appointed day.
$1. Substituted vide Notification No. 36/2017 Central Tax dt. 29 Sept. 2017 for the words “ninety days of the appointed day”
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).