Section 18 – Draft-Bills-Reports – INPUT TAX CREDIT – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 18 – 18. Availability of credit in special circumstances (1) A person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been granted such registration shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act. (2) A person, who takes re
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IDED that the credit on capital goods shall be reduced by such percentage points as may be prescribed in this behalf (4) Where an exempt supply of goods or services by a registered taxable person becomes a taxable supply, such person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock relatable to such exempt supply and on capital goods exclusively used for such exempt supply on the day immediately preceding the date from which such supply becomes taxable: PROVIDED that the credit on capital goods shall be reduced by such percentage points as may be prescribed in this behalf. (
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registered taxable person who has availed of input tax credit switches over as a taxable person for paying tax under section 9 or, where the goods and / or services supplied by him become exempt absolutely under section 11, he shall pay an amount, by way of debit in the electronic credit or cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock and on capital goods, reduced by such percentage points as may be prescribed, on the day immediately preceding the date of such switch over or, as the case may be, the date of such exemption: PROVIDED that after payment of such amount, the balance of input tax credit, if any, lying in his electronic c
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