2018 (10) TMI 513 – AUTHORITY FOR ADVANCE RULINGS, KERALA – 2018 (18) G. S. T. L. 154 (A. A. R. – GST) – Input tax credit – migration to GST regime – transitional provisions – Whether computers, laptops etc. used by the applicant for providing output service would qualify as inputs for the purpose of availing transitional ITC under Section 140(3) of KSGST Act? – If the goods are physically available as closing stock as on 30th June, 2017, can the applicant avail ITC for the VAT paid?
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Held that:- The applicant being a service provider had no tax liability under VAT regime. As per the 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 furtherance
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. – AAR No. KER/13/2018 Dated:- 19-9-2018 – SHRI. B.G. KRISHNAN AND SHRI. B.S. THYAGARAJABABU MEMBER Authorized Representative: Adv. Jose Jacob The applicant is engaged in providing 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 June 2017. In the circumstances advance ruling is sought for on the following: i) Whether computers, laptops etc. used by the applicant for providing output service would qualify as inputs for the purpose of availing transitional ITC under Section 140(3) of KSGST Act? ii) If the goods are physically available as closing stock as on 30th June, 2017, can the applicant avail ITC for the VAT paid? The authorized represen
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sed for making taxable supplies under this Act; (ii) the said registered person is eligible for input tax credit on such inputs under this Act; (iii) the said registered person is in possession of invoice or other prescribed documents evidencing payment of tax under -the existing law in respect of such inputs; and (iv) such invoices or other prescribed documents were issued not earlier than 12 months immediately preceding the appointed day. The issue was examined in detail. The applicant being a service provider had no tax liability under VAT regime. As per the 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 furtherance of business. The compu
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