Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme
Section 172
Bill
TRANSITIONAL PROVISIONS
MODEL GST LAW – Draft The Central \/ State Goods and Services Tax Act, 2016 – [November 2016]
172. Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme
\n (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 input<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n b-section (1) shall be calculated in such manner as may be prescribed. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition schemeSection 172Bill TRANSITIONAL PROVISIONSMODEL GST LAW – Draft The Central \/ State Goods and Services Tax Act, 2016 – [November 2016]172. Credit of eligible duties and taxes on inputs held in stock to … Continue reading “Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1969","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1969"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1969\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n (CGST Law)
\n (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 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:
\n (i) such inputs and \/ or goods are used or intended to be used for making taxable supplies under this Act;
\n (ii) the said person is not paying tax under section 9;
\n (iii) the said taxable p<\/p>\n
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