Input tax credit adjustment required when registered person opts to pay under notification; unpaid credit balance to lapse after payment. Registered persons who have availed input tax credit and opt to pay under this notification must debit their electronic credit or cash ledger an amount equivalent to input tax credit on inputs in stock, inputs in semi-finished or finished goods held in stock, and on capital goods as if apportionment provisions apply; after payment any remaining input tax credit balance in the electronic credit ledger shall lapse. The Assam GST Rules applicable to composition taxpayers shall, mutatis mutandis, apply 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 registered person opts to pay under notification; unpaid credit balance to lapse after payment.
Registered persons who have availed input tax credit and opt to pay under this notification must debit their electronic credit or cash ledger an amount equivalent to input tax credit on inputs in stock, inputs in semi-finished or finished goods held in stock, and on capital goods as if apportionment provisions apply; after payment any remaining input tax credit balance in the electronic credit ledger shall lapse. The Assam GST Rules applicable to composition taxpayers shall, mutatis mutandis, apply to persons paying under this notification.
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