Section 170 - Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations - MODEL GST LAW - Draft The Central / State Goods and Services Tax Act, 2016 - [November 2016]

170. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations (1) A registered taxable person, who was engaged in the manufacture of nonexempted as well as exempted goods under the Central Excise Act, 1944 (1 of 1944) or provision of non-exempted as well as exempted services under Chapter V of Finance Act, 1994 (32 of 1994), shall be entitled to take, in his electronic credit ledger, (a) the amount of Cenvat credit carried forward in a return furnished under the earlier law by him in terms of section 167; and (b) the amount of Cenvat credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day, relating to exempted goods or services, in terms of section 169. (CGST Law)