Section 140 - Transitional arrangements for input tax credit.

Transitional input tax credit retained under ordinance, subject to prescribed documentary, eligibility and calculation conditions.

Registered persons (excluding composition taxpayers) may transfer carried-forward value added tax and entry tax credits into the electronic credit ledger if such credits are admissible under the Ordinance and prior returns are filed; unavailed capital goods credit may be claimed where admissible both under the prior law and the Ordinance; persons previously unregistered or selling exempt goods that become taxable may claim credit for inputs in stock if used for taxable supplies, eligible under the Ordinance, and evidenced by invoices issued within twelve months; supplier-paid tax on inputs received after the appointed day may be credited if invoices were recorded within a short prescribed period and a prescribed statement is furnished.