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of <h1>Section 140 of Kerala GST Ordinance 2017: Transitional Input Tax Credit Provisions for Registered Persons Explained</h1> Section 140 of the Kerala Goods and Services Tax Ordinance, 2017, outlines transitional provisions for input tax credit. Registered persons, except those opting for tax under section 10, can claim credit in their electronic credit ledger for Value Added Tax and Entry Tax carried forward from the previous tax regime. Conditions apply, such as the admissibility of credit under both existing and new laws, possession of valid invoices, and the use of inputs for taxable supplies. Special provisions exist for those dealing with exempt goods or who paid tax at fixed rates, ensuring a smooth transition to the new GST system.
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