{"id":792,"date":"2017-06-10T13:19:07","date_gmt":"2017-06-10T13:19:07","guid":{"rendered":"http:\/\/www.hostbooks.com\/in\/?p=792"},"modified":"2017-06-10T13:19:07","modified_gmt":"2017-06-10T13:19:07","slug":"section-172-credit-of-eligible-duties-and-taxes-on-inputs-held-in-stock-to-be-allowed-to-a-taxable-person-switching-over-from-composition-scheme-transitional-provisions","status":"publish","type":"post","link":"https:\/\/www.hostbooks.com\/in\/hb\/gst-act\/section-172-credit-of-eligible-duties-and-taxes-on-inputs-held-in-stock-to-be-allowed-to-a-taxable-person-switching-over-from-composition-scheme-transitional-provisions\/","title":{"rendered":"Section 172 : Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme – Transitional Provisions"},"content":{"rendered":"

172. Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme<\/strong><\/p>\n

(1) A 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 \u201ccomposition taxpayer\u201d), shall be entitled to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed date subject to the following conditions:<\/p>\n

(i) such inputs and \/ or goods are used or intended to be used for making taxable supplies under this Act;<\/p>\n

(ii) the said person is not paying tax under section 9;<\/p>\n

(iii) the said taxable person is eligible for input tax credit on such inputs under this Act;<\/p>\n

(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<\/p>\n

(v) such invoices and \/or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.<\/p>\n

(2) The amount of credit under sub-section (1) shall be calculated in such manner as may be prescribed.
\n(CGST Law)<\/p>\n

(1) A 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 \u201ccomposition taxpayer\u201d), shall be entitled to take, in his electronic credit ledger, credit of Value Added Tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed date subject to the following conditions:<\/p>\n

(i) such inputs and \/ or goods are used or intended to be used for making taxable supplies under this Act;<\/p>\n

(ii) the said person is not paying tax under section 9;
\n(iii) the said taxable person is eligible for input tax credit on such inputs under this Act;<\/p>\n

(iv) the said inputs were not [specified in Schedule— of the earlier law or in the rules made thereunder or in any notification issued under the earlier law] as inputs on which credit was not admissible under the earlier law;<\/p>\n

(v) the said taxable person is in possession of invoice and\/or other prescribed documents evidencing payment of tax under the earlier law in respect of inputs held in stock and inputs contained in semi- finished or finished goods held in stock on the appointed day; and<\/p>\n

(vi) such invoices and \/or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.<\/p>\n

(2) The amount of credit under sub-section (1) shall be calculated in such manner as may be prescribed.<\/p>\n

(SGST Law)<\/p>\n","protected":false},"excerpt":{"rendered":"

172. Credit of eligible duties and taxes on inputs held in stock to be allowed [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":1356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/792"}],"collection":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/comments?post=792"}],"version-history":[{"count":0,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/media\/1356"}],"wp:attachment":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/media?parent=792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/categories?post=792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/tags?post=792"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/yst_prominent_words?post=792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}