Input tax credit adjustment required when a registered person opts for this notification, with remaining credit lapsing after prescribed payment. A registered person who has availed input tax credit and opts to pay tax under this notification must debit the electronic credit ledger or electronic cash ledger an amount equal to the input tax credit on inputs held in stock, inputs in semi finished or finished goods held in stock, and on capital goods as if the reversal mechanism applied; after such payment any balance of input tax credit in the electronic credit ledger shall lapse. Tripura SGST Rules, 2017 applicable to composition taxpayers apply mutatis mutandis to persons paying 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 required when a registered person opts for this notification, with remaining credit lapsing after prescribed payment.
A registered person who has availed input tax credit and opts to pay tax under this notification must debit the electronic credit ledger or electronic cash ledger an amount equal to the input tax credit on inputs held in stock, inputs in semi finished or finished goods held in stock, and on capital goods as if the reversal mechanism applied; after such payment any balance of input tax credit in the electronic credit ledger shall lapse. Tripura SGST Rules, 2017 applicable to composition taxpayers apply mutatis mutandis to persons paying under this notification.
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