9911796707
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 ..... es, namely: (i) where the said 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 Applicable to reimbursement of tax on local purchase of items used in implementation of the North Eastern Region Power System Improvement Project (iii) [where the said amount of credit relates to goods sold under notification issued by the Government claiming refund of value added tax paid thereon]: Provided further that so much of the said credit as is attributable to any claim related to section 3, sub-section (3) of section 5, section 6, section 6A or s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... input tax credit to which the said person was entitled in respect of the said capital 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 in respect of inputs held in stock and inpu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in a return furnished under the existing law by him in accordance with the provisions of sub-section (1); and (b) the amount of credit of the value added tax 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 ] 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 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 document of the same wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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