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of <h1>Section 140: Transitional Input Tax Credit Rules for Registered Persons Under GST Act 2017. Conditions and Calculations Apply.</h1> The Madhya Pradesh Goods and Services Tax Act, 2017, Section 140, outlines transitional provisions for input tax credit. Registered persons, excluding those opting to pay tax under Section 10, can claim credit for Value Added Tax (VAT) carried forward in returns filed before the appointed day, subject to certain conditions. Credit is not allowed if inadmissible under the Act, or if returns for the preceding six months are not filed. Unavailed input tax credit on capital goods can be claimed if admissible under both existing and new laws. Conditions apply for claiming credit on stock inputs, requiring invoices not older than twelve months and proof of tax payment. Credit calculations are prescribed under the Act.
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