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TMI BlogTRANSITIONAL PROVISIONS FOR AVAILMENT OF INPUT TAX CREDITX X X X Extracts X X X X X X X X Extracts X X X X ..... r within such extended time. 3.2. Unavailed credit on capital goods: The balance installment of unavailed Cenvat credit on capital goods can also be taken by filing the requisite declaration in the GST TRAN-1. 3.3. Credit on duty paid stock: A registered taxable person, other than manufacturer or service provider, may have duty paid goods in his stock on 1st July, 2017. GST would be payable on all supplies of goods or services made after the appointed day. The Government cannot collect tax twice on the same goods. Hence, in such cases, it has been provided that the credit of the duty/tax paid earlier would be admissible as credit. Such credit can be taken as under: i. Credit shall be taken on the basis of invoice evidencing payment of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VAT / VAT in respect of input, semi-finished and finished goods in stock attributable to such exempted goods or services, which are now taxable can also be taken in the same manner. 3.6. Input/input services in transit: There might be a scenario where input or input services are received on or after the appointed day but the duty or tax on the same was paid by the supplier under the existing law. Registered person may take credit of eligible duties and taxes, provided the invoice has been recorded in the books within 30 days from 01.07.2017. The period can be extended by the Commissioner of GST by another 30 days. A statement of such invoices have to be furnished. Input Service Distributor can also distribute such credit. 3.7. Tax paid un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the registered persons having the same PAN for which the centralized registration was obtained. 3.9. Reclaim the reversed Input Service credit: CENVAT credit reversed on account of non-payment of consideration within a period of three months can be reclaimed if payment is made to the supplier of service within three months from 01.07.2017. 3.10. Capital goods belonging to the principal lying at the premises of the agent: This provision is specific to SGST law. In such cases, agent shall be entitled to take credit subject to the following conditions: i. the agent is a registered taxable person ii. both the principal and the agent declare the details of stock iii. the invoices are not earlier than twelve months iv. the principal h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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