Question 5 - What is the ITC entitlement of a person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been granted such registration? (Section 16(2))
FAQ on GST dated 21.9.2016 based on Draft Model GST Chapter 10 Input Tax Credit
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Input tax credit entitlement for pre-registration stock: credit allowed if registration applied and granted within the statutory period. A person who has applied for and been granted registration within the prescribed statutory period may claim input tax credit for inputs held in stock and ... Summary
Input tax credit entitlement for pre-registration stock: credit allowed if registration applied and granted within the statutory period.
A person who has applied for and been granted registration within the prescribed statutory period may claim input tax credit for inputs held in stock and inputs contained in semi finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax; such credit is not admissible if registration was not obtained within the statutory period.
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