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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 comp .....

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cheme. The sections reads as follows: 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 ), .....

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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 A .....

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n twelve months immediately preceding the appointed day. (CGST) A worth noting change bought in this section is that earlier there was an additional condition which stated that the cenvat which the assessee intends to avail should have been allowed t .....

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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 t .....

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ulate the credit to be availed, whereas the new draft states that the procedure shall be prescribed separately for such calculation. The old draft contained another provision which has been deleted in the new draft. It reads as follows: The amount ta .....

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st such person under the earlier law The provisions for SGST are similar except that one condition has been replaced there also. The condition (iii) read as follows: the said taxable person was eligible to claim input tax credit on purchase of such i .....

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