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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 ..... id 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 sold under Notification No. 4/5/2005-FIN(R C)(13) dated 31-03-2005 (The Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005) and claiming refund of value added tax paid thereon: Provided further that so much of the such credit as is attributable to any claim related to section 3, sub-section (3) of section 5, section 6, section 6A or sub-section (8) of section 8 of the Central Sales Tax Act, 1956 which is not subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital goods under the existing law. (3) A registered person, who was not liable to be registered under the existing law or who was engaged in the sale of exempted goods or tax free goods, by whatever name called, or goods which have suffered tax at the first point of their sale in the State and the subsequent sales of which are not subject to tax in the State under the existing law but which are liable to tax under this Act or where the person was entitled to the credit of input tax at the time of sale of goods, if any, shall be entitled to take, in his electronic credit ledger, credit of the value added tax and entry tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law by him in accordance with the provisions of sub-section (1); and (b) the amount of credit of the value added tax and entry tax, if any, 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 such exempted goods or tax free goods, by whatever name called, in accordance with the provisions of sub-section (3). (5) A registered person shall be entitled to take, in his electronic credit ledger, credit of value added tax and entry tax, if any, in respect of inputs received on or after the appointed day but the tax in respect of which has been paid by the supplier under the existing law, subject to the condition that the invoice or any other tax paying ..... X X X X Extracts X X X X X X X X Extracts X X X X
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