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Availability of credit in special circumstances

Section 18 - Draft-Bills-Reports - INPUT TAX CREDIT - Goods and Services Tax - Section 18 - 18. (1) A person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been grant .....

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immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act. (2) A person, who takes registration under sub-section (3) of section 23 shall, subject to such conditions and restrictions as may be prescribed, .....

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son ceases to pay tax under section 9, he shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in .....

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) Where an exempt supply of goods or services by a registered taxable person becomes a taxable supply, such person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs h .....

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axable: PROVIDED that the credit on capital goods shall be reduced by such percentage points as may be prescribed in this behalf. (5) A taxable person shall not be entitled to take input tax credit under sub-section (1), (2), (3) or (4), as the case .....

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f sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provision for transfer of liabilities, the said registered taxable person shall be allowed to transfer the input tax credit that remains unutilized in its boo .....

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ction 9 or, where the goods and / or services supplied by him become exempt absolutely under section 11, he shall pay an amount, by way of debit in the electronic credit or cash ledger, equivalent to the credit of input tax in respect of inputs held .....

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e of such exemption: PROVIDED that after payment of such amount, the balance of input tax credit, if any, lying in his electronic credit ledger shall lapse. (8) The amount payable under sub-section (7) shall be calculated in such manner as may be pre .....

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