Section 172 – Draft-Bills-Reports – TRANSITIONAL PROVISIONS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 172 – 172. Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme (1) A registered taxable person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the earlier law (hereinafter referred to in this section as a composition taxpayer ), shall be entitled to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed date subject
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r paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the earlier law (hereinafter referred to in this section as a composition taxpayer ), shall be entitled to take, in his electronic credit ledger, credit of Value Added Tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed date subject to the following conditions: (i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act; (ii) the said person is not paying tax under section 9; (iii) the said taxable person is eligible for input tax credit on such inputs under this Act; (iv) the said inputs were not [specified in Schedule of the earlier la
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