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TMI BlogTransitional arrangements for input tax credit.X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of credit is not admissible as input tax credit under this Act; or (ii) where he has not furnished all the returns required under the existing law for the period of six months immediately preceding the appointed date; or (iii) where the said amount of credit relates to goods manufactured and cleared under such exemption notifications as are notified by the Government. (2) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, credit of the unavailed CENVAT credit in respect of capital goods, not carried forward in a return, furnished under the existing law by him, for the period ending with the day immediately preceding the appointed day 8 [ within such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (ii) the said registered person is eligible for input tax credit on such inputs under this Act; (iii) the said registered person is in possession of invoice or other prescribed documents evidencing payment of duty under the existing law in respect of such inputs; (iv) such invoices or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day; and (v) the supplier of services is not eligible for any abatement under this Act: Provided that where a registered person, other than a manufacturer or a supplier of services, is not in possession of an invoice or any other documents evidencing payment of duty in respect of inputs, then, such registered person shall, subject to such conditions, lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecorded in the books of account of such person within a period of thirty days from the appointed day: Provided that the period of thirty days may, on sufficient cause being shown, be extended by the Commissioner for a further period not exceeding thirty days: Provided further that said registered person shall furnish a statement, in such manner as may be prescribed, in respect of credit that has been taken under this sub-section. (6) A registered person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the existing law shall be entitled to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eding the appointed day 13 [ within such time and in such manner ] as may be prescribed: Provided that if the registered person furnishes his return for the period ending with the day immediately preceding the appointed day within three months of the appointed day, such credit shall be allowed subject to the condition that the said return is either an original return or a revised return where the credit has been reduced from that claimed earlier: Provided further that the registered person shall not be allowed to take credit unless the said amount is admissible as input tax credit under this Act: Provided also that such credit may be transferred to any of the registered persons having the same Permanent Account Number for which the centrali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s contained in semi-finished or finished goods held in stock on the appointed day. Explanation 2.- For the purposes of [ 4] sub-section (5) , the expression eligible duties and taxes means (i) the additional duty of excise leviable under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957); (ii) the additional duty leviable under sub-section (1) of section 3 of the Customs Tariff Act, 1975; (51 of 1975) (iii) the additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act, 1975; (51 of 1975) 5 [****] (v) the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985; (5 of 1986.) (vi) the duty of excise specified in the Second Schedule to the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 78.) ; 4. The amendment vide Central Goods and Services Tax (Amendment) Act, 2018 [sub-clause (i) of clause (c) of section 28] w.e.f 01-07-2017 to the Explanation 2 yet to be notified, which read as, for the word, brackets and figure sub-section (5) , the words, brackets and figures sub-sections (1) and (5) shall be substituted and shall always be deemed to have been substituted. 5. Omitted vide Central Goods and Services Tax (Amendment) Act, 2018 w.e.f 01-07-2017 shall always be deemed to have been omitted, before it was read as (iv) the additional duty of excise leviable under section 3 of the Additional Duties of Excise (Textile and Textile Articles) Act, 1978; (40 of 1978.) 6. Inserted vide Central Goods and Services Tax (Amendment) Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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