Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations
Section 168
Bill
TRANSITIONAL PROVISIONS
MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016]
168. Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations
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, credit of the unavailed cenvat credit in respect of capital goods, not carried forward in a return, furnished under the earlier law by him, for the period ending with the day immediately preceding the appointed day in such ma
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s, 2004.
(CGST Law)
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, credit of the unavailed input tax credit in respect of capital goods, not carried forward in a return, furnished under the earlier law by him, for the period ending with the day immediately preceding the appointed day in such manner as may be prescribed :
PROVIDED that the registered taxable person shall not be allowed to take credit unless the said credit was admissible as input tax credit under the earlier law and is so admissible under this Act:
Explanation.- For the purposes of this section, the expression “unavailed input tax credit” means the amount that remains af
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