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TMI BlogSTATUTORY PROVISIONSX X X X Extracts X X X X X X X X Extracts X X X X ..... nted day, provided such credit is admissible as ITC under the CGST Act, 2017, the credit does not relate to goods cleared under notified exemption notifications and all returns for the last 6 months under the existing law are filed immediately preceding the appointed date. 5.4. Section 140(2) of the CGST Act, 2017 stipulates that a registered person can avail the unavailed CENVAT credit of capital goods not carried forward in the return under the existing law relating to the period before 01.07.2017, if such credit is admissible as ITC under the CGST Act, 2017. 5.5. Section 140(3) of the CGST Act, 2017 states that a registered person can take credit of eligible duties in respect of inputs held in stock & inputs contained in semi-finished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s held in stock & inputs contained in semi-finished or finished goods held in stock on appointed day provided, the inputs or goods are used for making taxable supplies under this Act, the registered person is eligible for ITC on such inputs under this Act, invoices evidencing payment of duty under existing law are in possession and such invoices were issued not earlier than 12 months before the appointed day. 5.9. Section 140(7) of the CGST Act, 2017 provides that Input tax Credit on services received prior to the appointed day by an Input Service Distributor shall be eligible for distribution (Substituted by Section 147 of The Finance Act (No. 2) Act, 2024 No. 15 of 2024 dated 16.08.2024.) [whether the invoices relating to such services a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of tax for exports within specified period. 5.13. Section 142 - Miscellaneous transitional provisions: (i) Section 142(1) of the CGST Act, 2017 provides that if goods on which duty had been paid under the existing law at the time of removal (less than 6 months prior to the appointed day) are returned by an unregistered person within 6 months from the appointed day, then the person shall be eligible for refund. (ii) Section 142(2) of the CGST Act, 2017 provides that if in pursuance of a contract entered into prior to the appointed day, the price of supply is revised on or after the appointed day, supplementary invoice or debit or credit note shall be issued within 30 days of such revision & such issue shall be deemed to be outwar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unded to him in cash. (vii) Section 142(7) of the CGST Act, 2017 states that every proceeding of appeal, review or reference relating to any output duty or tax liability initiated whether before, on or after the appointed day under the existing law, shall be disposed of in accordance with the provisions of the existing law, and if any amount becomes recoverable as a result of such appeal, review or reference, the same shall, unless recovered under the existing law, be recovered as an arrear of duty or tax under this Act and in case any amount found to be admissible to the claimant shall be refunded to him in cash. (viii) Section 142(8) of the CGST Act, 2017 states that where in pursuance of an assessment or adjudication proceedings instit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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