Input tax credit adjustment requirement: electing taxpayers must extinguish ITC on stock and capital goods before opting in. Registered persons who have availed input tax credit and opt to pay tax under this notification must debit their electronic credit or cash ledger an amount equal to ITC on inputs in stock, inputs in semi finished or finished goods held in stock, and on capital goods as if transitional reversal rules applied; after such payment any remaining ITC balance in the electronic credit ledger shall lapse. The GST Rules applicable to composition taxpayers shall, mutatis mutandis, apply to persons paying tax under this notification.
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 adjustment requirement: electing taxpayers must extinguish ITC on stock and capital goods before opting in.
Registered persons who have availed input tax credit and opt to pay tax under this notification must debit their electronic credit or cash ledger an amount equal to ITC on inputs in stock, inputs in semi finished or finished goods held in stock, and on capital goods as if transitional reversal rules applied; after such payment any remaining ITC balance in the electronic credit ledger shall lapse. The GST Rules applicable to composition taxpayers shall, mutatis mutandis, apply to persons paying tax under this notification.
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