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, 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. The words “ninety days of the appointed day” substituted with the words “the period specified in rule 117 or such further period as extended by the Commissioner” vide Notification No. 36/2017 Central Tax dt. 29 Sept. 2017.
It may be noted that the above information is based on Updated CGST Rules 2017 (amended upto 5th May 2020), as compiled/ shared by CBIC (i.e. as notified/ amended upto 5th May 2020 by the CBIC). However, for detailed/ official information and/ or subsequent updates, please refer relevant Notifications. E&OE
Further, 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 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).
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