Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
HC held that a registered dealer cannot claim Input Tax Credit (ITC) for goods remaining in closing stock that were not re-sold before GST regime introduction. The court determined that since the goods were unsold at the transition point (1.7.2017), the dealer cannot treat the input tax as credit. The judgment affirmed that GST Act's implementation effectively terminated ITC entitlements under the previous VAT Act for unsold inventory. By referencing precedent in S/S Janki Industries, the court conclusively ruled against the dealer's claim, allowing revision and denying ITC carry-forward for unsold stock.
HC held that a registered dealer cannot claim Input Tax Credit (ITC) for goods remaining in closing stock that were not re-sold before GST regime introduction. The court determined that since the goods were unsold at the transition point (1.7.2017), the dealer cannot treat the input tax as credit. The judgment affirmed that GST Act's implementation effectively terminated ITC entitlements under the previous VAT Act for unsold inventory. By referencing precedent in S/S Janki Industries, the court conclusively ruled against the dealer's claim, allowing revision and denying ITC carry-forward for unsold stock.
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