TaxTMI 
TaxTMI 
Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme
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....A registered taxable person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the earlier law (hereinafter referred to in this section as a "composition taxpayer"), shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained in semi-finished or finished goo....
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....es and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day. (2) The amount of credit under sub-section (1) shall be calculated in accordance with generally accepted accounting principles in such manner as may be prescribed. (3) The amount taken as credit under sub-section (1) shall be recovered as an arrear of tax under this Act from ....
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....erson is not paying tax under section 8; (iii) the said taxable person was eligible to claim input tax credit on purchase of such inputs and/or goods under the earlier law but for his being a composition taxpayer under the said law; (iv) the said taxable person is eligible for input tax credit under this Act; (v) the said taxable person is in possession of invoice and/or other prescribed docume....