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of <h1>Transitional Input Tax Credit Rules Under Section 140 of GST Act: Key Conditions and Limitations Explained</h1> Section 140 of the West Bengal Goods and Services Tax Act, 2017 outlines the transitional provisions for input tax credit. Registered persons, excluding those opting for section 10, can claim credit for Value Added Tax (VAT) carried forward in returns filed before the appointed day. Credit is disallowed if it is inadmissible under the Act, if returns for the preceding six months are incomplete, or if related to goods with government incentives. Unavailed input tax credit on capital goods is claimable if admissible under both the existing and new laws. Conditions for claiming credit on stock inputs include possession of valid invoices and intended use for taxable supplies. Credit for VAT on inputs received after the appointed day is permissible if documented within 30 days, extendable by the Commissioner. Calculations for credit under specific subsections are prescribed.
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