https://www.taxtmi.com/article/detailed?id=7439 Under Section 140(3) read with Transition Rule 1(3), a registered trader may claim input tax credit for VAT/SGST actually paid on inputs held in stock if taxpaying documents exist; capital goods are excluded. Where such documents are absent, a trader may claim a notional credit (excluding semi finished and finished goods) at a fixed proportion of tax on supplies that were taxed at first sale and are taxable under GST. Claims require identification of stock, procurement documentation, periodic statements over six tax periods, and crediting to the electronic credit ledger. en-us Tue, 30 May 2017 06:00:08 +0530 Tue, 30 May 2017 06:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7439 Under Section 140(3) read with Transition Rule 1(3), a registered trader may claim input tax credit for VAT/SGST actually paid on inputs held in stock if taxpaying documents exist; capital goods are excluded. Where such documents are absent, a trader may claim a notional credit (excluding semi finished and finished goods) at a fixed proportion of tax on supplies that were taxed at first sale and are taxable under GST. Claims require identification of stock, procurement documentation, periodic statements over six tax periods, and crediting to the electronic credit ledger. Articles Goods and Services Tax - GST Tue, 30 May 2017 06:00:08 +0530 https://www.taxtmi.com/article/detailed?id=7439