Input tax credit entitlement: registration or change in tax status permits credit for inputs and capital goods under prescribed conditions. Section 18 permits input tax credit for inputs and inputs in stock on the day before registration or liability, and for persons leaving composition or when exempt supplies become taxable, subject to prescribed percentage reductions on capital goods and a one year invoice time bar; unutilised electronic credit may transfer on specified business changes; persons opting into composition or becoming wholly exempt must pay debited amounts equal to attributable credit reduced as prescribed, and supplies of capital goods require repayment equal to the higher of residual credited amount after reduction or tax on transaction value.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit entitlement: registration or change in tax status permits credit for inputs and capital goods under prescribed conditions.
Section 18 permits input tax credit for inputs and inputs in stock on the day before registration or liability, and for persons leaving composition or when exempt supplies become taxable, subject to prescribed percentage reductions on capital goods and a one year invoice time bar; unutilised electronic credit may transfer on specified business changes; persons opting into composition or becoming wholly exempt must pay debited amounts equal to attributable credit reduced as prescribed, and supplies of capital goods require repayment equal to the higher of residual credited amount after reduction or tax on transaction value.
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