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
\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 and taxes in respect of inputs held in stock an<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ntained in semi- finished or finished goods held in stock on the appointed day; and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ition taxpayer under the said law; = = = = = = = =<\/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 146Bill TRANSITIONAL PROVISIONSMODEL GST LAW – GOODS AND SERVICES TAX ACT, 2016 – Draft June 2016146. Credit of eligible duties and taxes on inputs held in stock to be allowed to a … 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-218","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/218","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=218"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/218\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n(vi) such invoices and \/or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.
\n(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.
\n(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.
\n(CGST Law)
\n(1) A registered taxable person, who was ei<\/p>\n
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\n(iv) the said taxable person is eligible for input tax credit under this Act;
\n(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
\n(vi) such invoices and \/or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.
\n (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.
\n(3) The amount taken as credit under sub-section (1) shall <\/p>\n
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