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Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme

Section 146 - Draft-Bills-Reports - TRANSITIONAL PROVISIONS - Goods and Services Tax - Section 146 - 146. (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 .....

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ished goods held in stock on the appointed date 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 person is not paying tax under section 8; (i .....

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his Act; (v) 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 finished goods held .....

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ance 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 .....

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unt 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 Value Added Tax in respect of inputs held in stock and in .....

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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 .....

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