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of <h1>Navigating Input Tax Credit Provisions Under Jammu and Kashmir GST Act, 2017: Key Rules and Adjustments Explained</h1> Under the Jammu and Kashmir Goods and Services Tax Act, 2017, specific provisions govern the availability of input tax credit in special circumstances. Individuals applying for GST registration within 30 days of becoming liable can claim input tax credit for stock held before registration. Registered persons transitioning from exempt to taxable supplies, or ceasing to pay tax under certain sections, are entitled to input tax credit on stock and capital goods, with reductions as prescribed. Changes in business constitution allow for the transfer of unutilized input tax credit. If opting for tax payment under specific sections or upon exemption, a corresponding credit adjustment is required.
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