Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Statutory Provisions

Home Acts & Rules GST Draft-Bills-Reports MODEL GST LAW - Draft The Central / State Goods and Services Tax Act, 2016 - [November 2016] Chapters List Chapter XXVII TRANSITIONAL PROVISIONS This

Section 193 - Tax paid on capital goods lying with agents to be allowed as credit - MODEL GST LAW - Draft The Central / State Goods and Services Tax Act, 2016 - [November 2016]

MODEL GST LAW - Draft The Central / State Goods and Services Tax Act, 2016 - [November 2016]
Chapter XXVII
TRANSITIONAL PROVISIONS
  • Contents

193. Tax paid on capital goods lying with agents to be allowed as credit

Where any capital goods belonging to the principal are lying at the premises of the agent on the appointed day, the agent shall be entitled to take credit of the tax paid on such capital goods subject to fulfillment of the following conditions:

(i) the agent is a registered taxable person under this Act;

(ii) both the principal and the agent declare the details of the stock of capital goods lying with such agent on the date immediately preceding the appointed day in such form and manner and within such time as may be prescribed in this behalf;

(iii) the invoices for such capital goods had been issued not earlier than twelve months immediately preceding the appointed day; and

(iv) the principal has either not availed of the input tax credit in respect of such capital goods or, having availed of such credit, has reversed the said credit, to the extent availed of by him.

(Only in SGST Law)

 
 
 
 

Quick Updates:Latest Updates