Shadow volume are extruded in the direction of the light vector in world space. Since this happens in the geometry shader, you'll have to do the view/projection transformation afterwards in the GS as well. The extruded volumes are transformed the same way as any other object in the scene.
Note that clipping and depth division takes place after the GS stage. The w-component has no meaning when passing data from the VS to GS. SV_Position is a required output of the geometry shader, not the vertex shader (when a GS is active).