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of <h1>Section 140: Transitional Provisions for Input Tax Credit under Karnataka GST Act 2017 Explained</h1> Section 140 of the Karnataka Goods and Services Tax Act, 2017 outlines transitional provisions for input tax credit. Registered persons, excluding those opting for section 10, can claim credits for Value Added Tax (VAT) carried forward or unavailed input tax credits on capital goods, provided they meet specific conditions. These include the admissibility of credit under both the existing and new laws, possession of relevant invoices, and the use of inputs for taxable supplies. The section also addresses credit for inputs received after the appointed day and specifies conditions for those previously dealing in exempt goods or paying fixed taxes. Credit calculations must follow prescribed methods.
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