https://www.taxtmi.com/article/detailed?id=7132 Revised GST narrows availability of Input Tax Credit by excluding motor vehicles, certain services and specified goods unless used to make outward taxable supplies of a similar nature. Credit for rent-a-cab and specified insurance is denied unless the service is statutorily obligatory for employers. A taxable person exiting composition may claim credit for inputs, goods in progress and capital goods held before normal liability, subject to prescribed reductions for capital goods and an invoice-age limitation. Supply or disposal of capital goods after credit has been taken requires payment equal to the reduced capital goods credit or tax on transaction value, with an exception to tax certain scrap on transaction value. en-us Sat, 17 Dec 2016 11:33:19 +0530 Sat, 17 Dec 2016 11:33:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7132 Revised GST narrows availability of Input Tax Credit by excluding motor vehicles, certain services and specified goods unless used to make outward taxable supplies of a similar nature. Credit for rent-a-cab and specified insurance is denied unless the service is statutorily obligatory for employers. A taxable person exiting composition may claim credit for inputs, goods in progress and capital goods held before normal liability, subject to prescribed reductions for capital goods and an invoice-age limitation. Supply or disposal of capital goods after credit has been taken requires payment equal to the reduced capital goods credit or tax on transaction value, with an exception to tax certain scrap on transaction value. Articles Goods and Services Tax - GST Sat, 17 Dec 2016 11:33:19 +0530 https://www.taxtmi.com/article/detailed?id=7132