Input tax credit adjustment: registrants opting composition must debit electronic ledger for credits on stock and capital goods. A registered person who has availed input tax credit and opts to pay tax under this notification must pay, by debiting the electronic credit ledger or electronic cash ledger, an amount equal to the credit of input tax in respect of inputs held in stock, inputs in semi-finished or finished goods held in stock, and on capital goods, and after such payment any remaining input tax credit balance in the electronic credit ledger shall lapse.
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: registrants opting composition must debit electronic ledger for credits on stock and capital goods.
A registered person who has availed input tax credit and opts to pay tax under this notification must pay, by debiting the electronic credit ledger or electronic cash ledger, an amount equal to the credit of input tax in respect of inputs held in stock, inputs in semi-finished or finished goods held in stock, and on capital goods, and after such payment any remaining input tax credit balance in the electronic credit ledger shall lapse.
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