Question 3 - VAT credit was not available on items 'X' & 'Y' as capital goods in the earlier law. Since they are covered in GST, can the registered taxable person claim it now?
FAQ on GST dated 21.9.2016 based on Draft Model GST Chapter 24 Transitional Provisions
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Input tax credit entitlement limited where prior law denied credit; registered person cannot claim for newly covered capital goods. Entitlement to Input Tax Credit under transitional GST requires that credit was allowable under the earlier law and is allowable under GST; where items ... Summary
Input tax credit entitlement limited where prior law denied credit; registered person cannot claim for newly covered capital goods.
Entitlement to Input Tax Credit under transitional GST requires that credit was allowable under the earlier law and is allowable under GST; where items were not eligible previously, a registered person cannot claim credit in GST, preserving prior-law eligibility as a precondition.
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