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of <h1>Transitional Provisions for Input Tax Credit Under Section 140 of the Delhi GST Act: Key Conditions and Eligibility</h1> Section 140 of the Delhi Goods and Services Tax Act, 2017, outlines transitional provisions for input tax credit. Registered persons, excluding those opting for composition levy under section 10, can transfer Value Added Tax (VAT) credits to their electronic credit ledger if carried forward in returns before the GST implementation. Conditions include admissibility under both existing and new laws, possession of invoices, and usage for taxable supplies. Credit is also available for unavailed input tax on capital goods and inputs held in stock, subject to specific conditions. The credit must be substantiated and recorded within specified timeframes, with extensions possible upon approval.
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