Amount of CENVAT credit carried forward in a return to be allowed as input tax credit
Section 167
Bill
TRANSITIONAL PROVISIONS
MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016]
167. Amount of CENVAT credit carried forward in a return to be allowed as input tax credit
A registered taxable person, other than a person opting to pay tax under section 9, shall be entitled to take, in his electronic credit ledger, the amount of cenvat credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished, by him under the earlier law in such manner as may be prescribed:
PROVIDED that the registered taxable person shall not
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e said credit as is attributable to any claim related to section 3, sub-section (3) of section 5, section 6 or section 6A of the Central Sales Tax Act, 1956 (74 of 1956) that is not substantiated in the manner, and within the period, prescribed in rule 12 of the Central Sales Tax (Registration and Turnover) Rules, 1957 shall not be eligible to be credited to the electronic credit ledger:
PROVIDED ALSO that an amount equivalent to the credit specified in the second proviso shall be refunded under the earlier law when the said claims are substantiated in the manner prescribed in rule 12 of the Central Sales Tax (Registration and Turnover) Rules, 1957.
(2) The amount of credit under the second proviso to sub-section (1) shall be calculated
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