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Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations

Section 144 - Draft-Bills-Reports - TRANSITIONAL PROVISIONS - Goods and Services Tax - Section 144 - 144. (1) A registered taxable person shall be entitled to take, in his electronic credit ledger, credit of the unavailed cenvat credit in respect of .....

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wed to take credit unless the said credit was admissible as cenvat credit under the earlier law and is also admissible as input tax credit under this Act: Explanation 1.- For the purposes of this section, the expression unavailed cenvat credit means .....

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of the said capital goods under the earlier law. Explanation 2.- Capital goods means the goods as defined under clause (a) of rule 2 of CENVAT Credit Rules, 2004. (2) The amount taken as credit under sub-section (1) shall be recovered as an arrear of .....

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ble person shall be entitled to take, in his electronic credit ledger, credit of the unavailed input tax credit in respect of capital goods, not carried forward in a return, furnished under the earlier law by him, for the period ending with the day i .....

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