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GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 2-1-2017 Last Replied Date:- 2-1-2017 - TRANSITIONAL PROVISIONS-PART-VI Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme The section 172 (146 in old draft) dictates the provision and conditions, on fulfillment of which a registered taxable person becomes eligible to avail the cenvat of the inputs held in stock if he opts to switch over from composition s .....

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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 9; (iii) the said taxable person is eligible for input tax credit on such inputs under this Act; (iv) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of duty under the earlier law in respect of inputs; and (v) such invoices and /or other prescribed documents were issued not earlier tha .....

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be availed on them. But yet there is one problem. The conditions also state that the invoice on which cenvat is been availed should not be older than 12 months. To comply this condition, it has to be ascertained that which all invoices are forming the stock as on date. Also such assessees who are having old stock won t be allowed to avail the cenvat on their stock. Another change bought in this relation is that the old draft prescribed the use of generally accepted accounting principles to calc .....

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