GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN
By: – Pradeep Jain
Goods and Services Tax – GST
Dated:- 2-1-2017<\/p>\n
GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN
\nTRANSITIONAL PROVISIONS-PART-VI
\nCredit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme
\nThe section 172 (146 in old draft) dictates the provision and conditions, on fulfillment of which a registered taxable person becomes eligible to avail the cenvat of the inputs held in stock if he opts to switch over from composition scheme. The sections reads as follows:
\nRegistered taxable person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the earl<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n as a result of any proceeding instituted, whether before or after the appointed day, against such person under the earlier law = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST DAILY DOSE OF UPDATION BY CA PRADEEP JAINBy: – Pradeep JainGoods and Services Tax – GSTDated:- 2-1-2017 GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN TRANSITIONAL PROVISIONS-PART-VI Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme The section 172 … Continue reading “GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN”<\/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-2069","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2069","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=2069"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2069\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n(v) such invoices and \/or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day. (CGST)
\nA worth noting change bought in this section is that earlier there was an additional condition which stated that the cenvat which the assessee intends to avail should have been allowed to him under the previous law also but he was not availing merely because he had opted composition scheme. This condition is now dropped. Thus even if certain inputs were not allowed under the previous law but are allowed under the new law; cenvat can be availed on them.
\nBut yet there is one problem. The conditions also state that the invoice on which cenvat is been availed should not be older than 12 months. <\/p>\n
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\nThe provisions for SGST are similar except that one condition has been replaced there also. The condition (iii) read as follows:
\nthe said taxable person was eligible to claim input tax credit on purchase of such inputs and\/or goods under the earlier law but for his being a composition taxpayer under the said law
\nThis condition has been replaced by the following condition:
\nthe said inputs were not [specified in Schedule of the earlier law or in the rules made thereunder or in any notification issued under the earlier law] as inputs on which credit was not admissible under the earlier law;
\nThe effect of this is <\/p>\n
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