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Transitional arrangements for input tax credit SECTION 140 - GST Ready Reckoner - GSTExtract ..... ed day Where said credit relates to goods manufactured and cleared under exemption notifications Unavailed CENVAT Credit on Capital goods , to be allowed in certain situations As per Section 140(2) A registered Person other than a person opting to pay tax under section 10, shall be entitied 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 within such time and in such manner as may be prescribed Explanation Unavailed Cenvat Credit on capital goods = Amount of cenvat credit eligible on capital goods Minus Cenvat credit already availed Cr ..... x x x x x Extracts x x x x x Transitional arrangements for input tax credit SECTION 140 - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... in his Electronic Credit Ledger the amount of CENVAT credit carried forward in a return as per 140(1); (in case of taxable goods) the amount of CENVAT credit of eligible duties, (relating to such taxable & exempted goods or services) Credit of eligible duties in respect of input or input services (Raw material) As per section 140(5) A registered person shall get credit of eligible duties and taxes paid by him In his Electronic Credit Ledger within such time and in such manner as may be prescribed on inputs or input services received on or after appointed day Provided he has recorded invoice or other duty or taxpaid documents in his books of account within 30 days from appointed day This period can be further extended to more 30 days on ..... x x x x x Extracts x x x x x Transitional arrangements for input tax credit SECTION 140 - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... furnishes his return for the period ending with the 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: He shall not be allowed credit unless the said amount is admissible as ITC under this Act Credit may be transferred to any of the registered persons having same PAN for which registered centrally under existing law ITC Reversal & Reclaim As Per section 140(9) If CENVAT credit availed for input services provided under the existing law has been reversed due to non payment of consideration within 3 months Such credit can b ..... x x x x x Extracts x x x x x Transitional arrangements for input tax credit SECTION 140 - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... duty of excise leviable under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) Explanation 2-For the purposes of 98[sub-sections (1) and (5)], the expression “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 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); iv)the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986); (v) the duty of excise specified i ..... x x x x x Extracts x x x x x Transitional arrangements for input tax credit SECTION 140 - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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