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Home Acts & Rules GST Acts CENTRAL GOODS AND SERVICES TAX ACT, 2017 Chapters List Chapter XX TRANSITIONAL PROVISIONS This
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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

Extract

..... he period of six months immediately preceding the appointed date; or (iii) where the said amount of credit relates to goods manufactured and cleared under such exemption notifications as are notified by the Government. (2) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, credit of the unavailed CENVAT credit in respect of capital goods, not carried forward in a return, furnished under the existing law by him, for the period ending with the day immediately preceding the appointed day 8[within such time and] in such manner as may be prescribed: Provided that the registered person shall not be allowed to take credit unless the said credit was admissible as .....

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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

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..... invoice or other prescribed documents evidencing payment of duty under the existing law in respect of such inputs; (iv) such invoices or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day; and (v) the supplier of services is not eligible for any abatement under this Act: Provided that where a registered person, other than a manufacturer or a supplier of services, is not in possession of an invoice or any other documents evidencing payment of duty in respect of inputs, then, such registered person shall, subject to such conditions, limitations and safeguards as may be prescribed, including that the said taxable person shall pass on the benefit of such credit by way of reduced prices .....

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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

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..... cient cause being shown, be extended by the Commissioner for a further period not exceeding thirty days: Provided further that said registered person shall furnish a statement, in such manner as may be prescribed, in respect of credit that has been taken under this sub-section. (6) A registered person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the existing law shall be entitled to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished 11[goods held in stock on the appointed day, within such time and in such manner as may be prescribed, subject to] the following conditions, namely:- (i) such .....

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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

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..... day immediately preceding the appointed day within three months of the appointed day, such credit shall be allowed subject to the condition that the said return is either an original return or a revised return where the credit has been reduced from that claimed earlier: Provided further that the registered person shall not be allowed to take credit unless the said amount is admissible as input tax credit under this Act: Provided also that such credit may be transferred to any of the registered persons having the same Permanent Account Number for which the centralised registration was obtained under the existing law. (9) Where any CENVAT credit availed for the input services provided under the existing law has been reversed due to non-paymen .....

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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

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..... uo;eligible duties and taxes” means- (i) the additional duty of excise leviable under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957); (ii) the additional duty leviable under sub-section (1) of section 3 of the Customs Tariff Act, 1975; (51 of 1975) (iii) the additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act, 1975; (51 of 1975) 5[****] (v) the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985; (5 of 1986.) (vi) the duty of excise specified in the Second Schedule to the Central Excise Tariff Act, 1985; (5 of 1986.) and (vii) the National Calamity Contingent Duty leviable under section 136 of the Finance Act, 2001; ( .....

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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

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..... all always be deemed to have been omitted, before it was read as "(iv) the additional duty of excise leviable under section 3 of the Additional Duties of Excise (Textile and Textile Articles) Act, 1978; (40 of 1978.)" 6. Inserted vide Central Goods and Services Tax (Amendment) Act, 2018 w.e.f 01-07-2017 and shall always be deemed to have been inserted 7. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 1.7.2017 (notification dated 16-05-2020) 8. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 1.7.2017 (notification dated 16-05-2020) 9. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 1.7.2017 (notification dated 16-05-2020) before it was read as "goods held in stock on the appointed day subject to&quo .....

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Section 140 - Transitional arrangements for input tax credit. - CENTRAL GOODS AND SERVICES TAX ACT, 2017

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