TMI BlogCredit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situationsX X X X Extracts X X X X X X X X Extracts X X X X ..... iable to be registered under the earlier law or who was engaged in the manufacture of exempted goods under the earlier law but which are liable to tax under this Act, shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day subject to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an twelve months immediately preceding the appointed day. (2) The amount of credit under sub-section (1) shall be calculated 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 amount is found to be recover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty 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 1975); (vii) the additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act, 1975 (51 of 1975); and (viii) the service tax leviable under section 66B of the Finance Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on purchase of such inputs and/or goods under the earlier law but for his not being liable for registration or the goods remaining exempt under the said law; (iii) the said taxable person is eligible for input tax credit under this Act; (iv) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of tax under the earlier law in respect of in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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