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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 140: Transitional Provisions for Input Tax Credit Under J&K GST Act 2017 Explained for Registered Persons</h1> Section 140 of the Jammu and Kashmir Goods and Services Tax Act, 2017 outlines transitional provisions for input tax credit. Registered persons, excluding those opting for section 10, can claim credit for Value Added Tax (VAT) carried forward from prior returns in their electronic credit ledger, provided certain conditions are met. These include the admissibility of the credit under both the previous and current laws, possession of valid invoices, and compliance with prescribed rules. Additional provisions address credit for unavailed input tax on capital goods, stock inputs, and inputs received after the appointed day, with specific conditions and documentation requirements.
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