Input tax credit adjustment: registered persons opting specified scheme must debit electronic ledgers for stock and capital goods, balance lapses. Registered persons who have availed input tax credit and opt to pay tax under the notification must debit their electronic credit or cash ledger an amount equal to the input tax credit on inputs in stock, inputs in semi finished or finished goods held in stock, and on capital goods as if the reversal provision for unused input tax credit applied; after such debit any remaining input tax credit 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: registered persons opting specified scheme must debit electronic ledgers for stock and capital goods, balance lapses.
Registered persons who have availed input tax credit and opt to pay tax under the notification must debit their electronic credit or cash ledger an amount equal to the input tax credit on inputs in stock, inputs in semi finished or finished goods held in stock, and on capital goods as if the reversal provision for unused input tax credit applied; after such debit any remaining input tax credit in the electronic credit ledger shall lapse.
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