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TMI Blog2018 (10) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... g various retail financial services like stock broking, share broking, marketing of initial public offering of companies and mutual funds, corporate advisory services etc. which were not taxable under VAT Law. Based on the transitional provisions, they have claimed input tax credit on closing stock of computers, laptops and other goods lying in the physical possession of the applicant as on 30th J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 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 ledger, credit of the va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proviso to Sub-Section (2) of Section 140 of the GST Act, a registered person shall not be allowed to take credit unless such credit was admissible as input tax credit under the existing law and is also admissible as input tax credit under GST Act. As per Section 2(59) of GST Act, 'input' means any goods other than capital goods used or intended to be used by a supplier in the course or fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Sub-Section (2) of Section 140 of the GST Act, is specific to the point that input tax credit not admissible as under the existing law is ineligible to claim input tax credit under GST Act. Section 140(2) of the Act covers transitional credit claim on capital goods by a dealer registered in earlier law. Section 140(3) of the GST Act covers "credit of eligible duties in respect of inputs held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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