TMI BlogCredit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition schemeX X X X Extracts X X X X X X X X Extracts X X X X ..... e (1) A registered taxable person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the earlier law (hereinafter referred to in this section as a composition taxpayer ), 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 fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd (vi) such invoices and /or other prescribed documents were issued not earlier than 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under this Act; (ii) the said person is not paying tax under section 8; (iii) the said taxable person was eligible to claim input tax credit on purchase of such inputs and/or goods under the earlier law but for his being a composition taxpayer under the said law; (iv) the said taxable person is eligible for input tax credit under this Act; (v) the said taxable person is in possession ..... X X X X Extracts X X X X X X X X Extracts X X X X
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