Input tax credit adjustment required for taxpayers opting composition, necessitating payment and lapse of remaining electronic credit. Registered persons who availed input tax credit and opt to pay tax under this notification must pay, by debiting their electronic credit or cash ledger, an amount equivalent to the input tax credit on inputs held in stock, inputs in semi finished or finished goods held in stock, and on capital goods; after such payment any remaining balance in the electronic credit ledger shall lapse. The Jharkhand GST Rules, 2017 applicable to composition taxpayers shall apply mutatis mutandis 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 required for taxpayers opting composition, necessitating payment and lapse of remaining electronic credit.
Registered persons who availed input tax credit and opt to pay tax under this notification must pay, by debiting their electronic credit or cash ledger, an amount equivalent to the input tax credit on inputs held in stock, inputs in semi finished or finished goods held in stock, and on capital goods; after such payment any remaining balance in the electronic credit ledger shall lapse. The Jharkhand GST Rules, 2017 applicable to composition taxpayers shall apply mutatis mutandis to persons paying tax under this notification.
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