Section 192 : Tax paid on goods lying with agents to be allowed as credit – Transitional Provisions

192. Tax paid on goods lying with agents to be allowed as credit

Where any goods belonging to the principal are lying at the premises of the agent on the appointed day, the agent shall be entitled to take credit of the tax paid on such goods subject to fulfilment of the following conditions:

(i) the agent is a registered taxable person under this Act;

(ii) both the principal and the agent declare the details of stock of goods lying with such agent on the date immediately preceding the appointed  day in such form and manner and within such time as may be prescribed in this behalf;

(iii) the invoices for such goods had been issued not earlier than twelve months immediately preceding the appointed day; and

(iv) the principal has either reversed or not availed of the input tax credit in respect of such goods.

(Only in SGST Law)