Input tax credit on agent-held goods allowed to agent subject to registration, stock declaration, qualifying invoices and principal reversal. Agent entitlement to take credit of tax on principal's goods lying with the agent on the appointed day is permitted if the agent is a registered taxable ... Summary
Input tax credit on agent-held goods allowed to agent subject to registration, stock declaration, qualifying invoices and principal reversal.
Agent entitlement to take credit of tax on principal's goods lying with the agent on the appointed day is permitted if the agent is a registered taxable person; both principal and agent declare stock details as prescribed; invoices were issued within the twelve months immediately preceding the appointed day; and the principal has reversed or not availed the input tax credit. The rule operates as a transitional provision and is stated to apply in SGST law.
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