Section 140 - Transitional arrangements for input tax credit.

Transitional Input Tax Credit: registered taxpayers may migrate admissible VAT and entry tax credits into the GST electronic credit ledger.

Registered persons, excluding composition taxpayers, may migrate admissible VAT and entry tax credits to the GST electronic credit ledger in prescribed manner; unavailed capital goods credit may be taken if admissible under both laws; persons previously unregistered or dealing in exempt or tax-free goods may claim credit for inputs held in stock subject to eligibility, possession of prescribed invoices issued within the prior twelve months, and intended use for taxable supplies; inputs received after the appointed day but taxed under the prior law may be credited if recorded timely and supported by prescribed statements; calculation methods are prescribed.