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of <h1>Section 140 of GST Act 2017: Transitional Rules for Input Tax Credit Carry Forward, Conditions Apply for Compliance and Eligibility.</h1> Section 140 of the Central Goods and Services Tax Act, 2017, outlines transitional provisions for input tax credit. Registered persons, excluding those under section 10, can carry forward CENVAT credit to their electronic credit ledger, subject to conditions such as compliance with existing laws and admissibility under the new Act. Credit is disallowed if returns are incomplete, or if it pertains to exempt goods. Special provisions exist for those previously not registered or dealing with exempt goods. Credit for inputs in stock on the appointed day is allowed under specific conditions. The section also addresses credit distribution by Input Service Distributors and conditions for reclaiming reversed credit.
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