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of <h1>Transitional Rules for Input Tax Credit Under Section 140 of GST Act: Conditions and Deadlines Explained</h1> Section 140 of the Puducherry Goods and Services Tax Act, 2017 outlines transitional arrangements for input tax credit. Registered persons, excluding those opting for a composition scheme, can claim credit for Value Added Tax (VAT) carried forward in returns before the GST implementation. Credit is disallowed if inadmissible under the new law or if previous returns were not filed. Credit for unavailed input tax on capital goods is permitted if admissible under both old and new laws. Conditions apply for claiming credit on stock inputs, including possession of relevant invoices. The Commissioner may extend the deadline for recording invoices in accounts.
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