Transitional input tax credit allows migration of eligible VAT credits into an electronic credit ledger subject to prescribed conditions. Registered persons, except those under composition, may migrate eligible transitional input tax credit from pre Act VAT returns into an electronic credit ledger provided the credit is admissible under the Act and prior returns were filed; central sales tax claims must be substantiated under existing rules or will be refunded under the former law when validated. Capital goods unavailed credit, stock of inputs and goods held by previously unregistered or exempt suppliers, and inputs received post appointed day where supplier paid tax may be credited subject to prescribed documentation, eligibility, time limits and prescribed calculation or statement requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transitional input tax credit allows migration of eligible VAT credits into an electronic credit ledger subject to prescribed conditions.
Registered persons, except those under composition, may migrate eligible transitional input tax credit from pre Act VAT returns into an electronic credit ledger provided the credit is admissible under the Act and prior returns were filed; central sales tax claims must be substantiated under existing rules or will be refunded under the former law when validated. Capital goods unavailed credit, stock of inputs and goods held by previously unregistered or exempt suppliers, and inputs received post appointed day where supplier paid tax may be credited subject to prescribed documentation, eligibility, time limits and prescribed calculation or statement requirements.
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