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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 - MODEL GST LAW - GOODS AND SERVICES TAX ACT, 2016 - Draft June 2016 - Section 144 - 144. (1) A registered taxable person shall be entitled to take, in his electronic credit ledger, credit o .....

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ed that the taxable person shall not be allowed 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, t .....

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ich the said person was entitled in respect 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-se .....

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arlier law. (CGST Law) (1) A registered taxable 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 .....

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