Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme
Section 146
Bill
TRANSITIONAL PROVISIONS
MODEL GST LAW – GOODS AND SERVICES TAX ACT, 2016 – Draft June 2016
146. 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 and taxes in respect of inputs held in stock an
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ntained in semi- finished or finished goods held in stock on the appointed day; and
(vi) such invoices and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.
(2) The amount of credit under sub-section (1) shall be calculated in accordance with generally accepted accounting principles in such manner as may be prescribed.
(3) The amount taken as credit under sub-section (1) shall be recovered as an arrear of tax under this Act from the taxable person if the said amount is found to be recoverable as a result of any proceeding instituted, whether before or after the appointed day, against such person under the earlier law.
(CGST Law)
(1) A registered taxable person, who was ei
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ition taxpayer under the said law;
(iv) the said taxable person is eligible for input tax credit under this Act;
(v) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of tax under the earlier law in respect of inputs held in stock and inputs contained in semi- finished or finished goods held in stock on the appointed day; and
(vi) such invoices and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.
(2) The amount of credit under sub-section (1) shall be calculated in accordance with generally accepted accounting principles in such manner as may be prescribed.
(3) The amount taken as credit under sub-section (1) shall
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =