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Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations

Section 145 - Draft-Bills-Reports - TRANSITIONAL PROVISIONS - MODEL GST LAW - GOODS AND SERVICES TAX ACT, 2016 - Draft June 2016 - Section 145 - 145. (1) A registered taxable person, who was not liable to be registered under the earlier law or who wa .....

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puts contained in semi-finished or finished goods held in stock on the appointed day subject to the following conditions: (i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act; (ii) the said taxable .....

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x credit under this Act; (iv) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of duty / tax under the earlier law in respect of inputs held in stock and inputs contained in semi-finished or fin .....

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lated in accordance with generally accepted accounting principles in such manner as may be prescribed. (3) The amount taken as credit under sub-section (1) shall be recovered as an arrear of tax under this Act from the taxable person if the said amou .....

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s and taxes means- (i) the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985(5 of 1986); (ii) the duty of excise specified in the Second Schedule to the Central Excise Tariff Act, 1985(5 of 1986); (iii) the additio .....

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ortance) Act, 1957(58 of 1957); (v) the National Calamity Contingent Duty leviable under section 136 of the Finance Act, 2001(14 of 2001); (vi) the additional duty leviable under sub-section (1) of section 3 of the Customs Tariff Act, 1975 (51 of 197 .....

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nd inputs contained in semi-finished or finished goods held in stock on the appointed day. (CGST Law) (1) A registered taxable person, who was not liable to be registered under the earlier law or who was engaged in the sale of exempted goods under th .....

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k on the appointed day subject to the following conditions: (i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act; (ii) the said taxable person was eligible for input tax credit on purchase of such .....

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