TMI BlogSEC 140 transitional creditX X X X Extracts X X X X X X X X Extracts X X X X ..... respected sir whether, transitional credit availed under Sec 140 (3) (credit claim relates to goods held in stock on appointed day, covered by tax invoices evidencing payment of tax) should pass on to buyers or in other wards subjected to anti profiteering provisions, please discuss thanking you - Reply By Yash Shah - The Reply = Dear Sir, Referring to Provisio to Sec. 140(3) , it c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learly mentions - Provided that where a registered person, other than a manufacturer or a supplier of services, is not in possession of an invoice or any other documents evidencing payment of duty in respect of inputs, then, such registered person shall, subject to such conditions, limitations and safeguards as may be prescribed, including that the said taxable person shall pass on the benefi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of such credit by way of reduced prices to the recipient, be allowed to take credit at such rate and in such manner as may be prescribed. Hope it answered your query. - Reply By giri gattupalli - The Reply = respected sir, thanks for your response. please clarify that we have invoice evidencing payment of central duty on goods held in stock . if we claim tax credit , then we will have t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o pass on the benifit to byer. thanking you - Reply By Yash Shah - The Reply = As per my view, Yes Sir. - Reply By giri gattupalli - The Reply = respected sir, thanks for your reply .one of my client is a taxable person dealing in MRF TYRES TUBES exlcusively. my dealer is second stage retail dealer.total purchases were covered by VAT INVOICES raised by first stage wholesaler. collection of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... state vat was evident from invoices. but there is no any evidence of payment of central duties in invoices raised by whole sale dealer . he had goods laid in stock amounting to rs 20,00,000 (as per audit statement) on 30-06-2017. input tax credit of central duties or taxes were not claimed previously in 2017. now i want to claim input tax credit as per sec140 (3). please suggest precautions an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d safe guards to avoid further risks from central gst department. kindly discuss. thanking you - Reply By giri gattupalli - The Reply = please discuss - Reply By KASTURI SETHI - The Reply = It appears to me you are talking of TRANS-2 . If so, it is deemed credit and no documentary evidence of payment of duty is required to claim such deemed credit. You will not claim in full. - SEC 140 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transitional credit - Query Started By: - giri gattupalli Dated:- 9-11-2022 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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