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TMI BlogSEC 140 transitional creditX X X X Extracts X X X X X X X X Extracts X X X X ..... SEC 140 transitional credit X X X X Extracts X X X X X X X X Extracts X X X X ..... wards subjected to anti profiteering provisions, please discuss thanking you Reply By Yash Shah: The Reply: Dear Sir, Referring to Provisio to Sec. 140(3), it clearly mentions - 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 regis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered person shall, subject to such conditions, limitations and safeguards as may be prescribed, including that the said taxable person shall pass on the benefit of such credit by way of reduced prices to the recipient, be allowed to take credit at such rate and in such manner as may be prescribed. Hope it answered your query. Reply By giri gattupalli: The Reply: respected sir, thanks for your ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... response. please clarify that we have invoice evidencing payment of central duty on goods held in stock . if we claim tax credit , then we will have to pass on the benifit to byer. thanking you Reply By Yash Shah: The Reply: As per my view, Yes Sir. Reply By giri gattupalli: The Reply: respected sir, thanks for your reply .one of my client is a taxable person dealing in MRF TYRES & TUBES ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lcusively. my dealer is second stage retail dealer.total purchases were covered by VAT INVOICES raised by first stage wholesaler. collection of state vat was evident from invoices. but there is no any evidence of payment of central duties in invoices raised by whole sale dealer . he had goods laid in stock amounting to rs 20,00,000 (as per audit statement) on 30-06-2017. input tax credit of centra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l duties or taxes were not claimed previously in 2017. now i want to claim input tax credit as per sec140 (3). please suggest precautions and safe guards to avoid further risks from central gst department. kindly discuss. thanking you Reply By giri gattupalli: The Reply: please discuss Reply By KASTURI SETHI: The Reply: It appears to me you are talking of TRANS-2. If so, it is deemed credit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd no documentary evidence of payment of duty is required to claim such deemed credit. You will not claim in full. X X X X Extracts X X X X X X X X Extracts X X X X
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