https://www.taxtmi.com/article/detailed?id=7174 A composition taxpayer switching to regular registration may claim input tax credit in the electronic ledger for eligible duties on inputs and inputs in semi finished or finished goods held on the appointed day, subject to conditions: use for taxable supplies; not paying tax under composition provision; eligibility under the Act; possession of invoices/prescribed documents evidencing earlier payment; and those documents having been issued within twelve months before the appointed day. The new draft removes the prior requirement that such credit must have been allowable under the earlier law and replaces GAAP calculation with a separately prescribed procedure; it also deletes a recovery-as-arrear provision and preserves SGST exclusions for inputs previously specified as inadmissible. en-us Mon, 02 Jan 2017 07:09:56 +0530 Mon, 02 Jan 2017 07:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7174 A composition taxpayer switching to regular registration may claim input tax credit in the electronic ledger for eligible duties on inputs and inputs in semi finished or finished goods held on the appointed day, subject to conditions: use for taxable supplies; not paying tax under composition provision; eligibility under the Act; possession of invoices/prescribed documents evidencing earlier payment; and those documents having been issued within twelve months before the appointed day. The new draft removes the prior requirement that such credit must have been allowable under the earlier law and replaces GAAP calculation with a separately prescribed procedure; it also deletes a recovery-as-arrear provision and preserves SGST exclusions for inputs previously specified as inadmissible. Articles Goods and Services Tax - GST Mon, 02 Jan 2017 07:09:56 +0530 https://www.taxtmi.com/article/detailed?id=7174