Amendment status not verified — confirm the current text below against the official source.
(l) Subject to such conditions ond restrictions os moy be prescribed- (o) o person who hos opplied for registrotion under this Act within thirty doys from the dote on which he becomes lioble to registrotion ond hos been gronted such regis- trotion sholl be entitled to toke credit of input tox in respect of inputs held in stock ond inputs contoined in semifinished or finished goods held in stock on the doy immediotely preceding the dote from which he becomes lioble to poy tox under the provisions of this Act; (b) o person who tokes registrotion under sub- section (3) ol section 25 sholl be entitled to toke credit of input tox in respect Avoilobility of credit in speciol circum- slonces. 127 ol inputs held in stock ond inputs contoined in semi- linished or linished goods held in stock on the doy immediotely preceding the dote of gront of registrotion; (c) where ony registered person ceoses to poy tox under section 10, he sholl be entided to toke credit of input tox in respect of inputs held in stock, inputs contoined in semi-finished or Iinished goods held in stock ond on copitol goods on the doy immediotely preceding the dote lrom which he becomes lioble to poy tox under section 9: Provided thot the credit on copitol goods sholl be reduced by such percentoge points os moy be prescribed; (d) where on exempt supply of goods or services or both by o registered person be- comes o toxoble supply, such person sholl be entitled to toke credit of input tox in respect of inputs held in stock ond inputs contoined in semi-finished or finished goods held in stock relotoble to such exempt supply ond on copitol goods exclusively used {or such exempt supply on the doy immediotelY preceding the dote from which such supply becomes toxoble: t28 Provided thot the credit on copitol goods sholl be reduced by such percentoge points os moy be prescribed. (2) A registered person sholl not be entitled to toke input tox credit under sub-section (l) in respect of ony supply of goods or services or both to him olter the expiry of one yeor from the dote of issue oI hx invoice relsting to such supply. (3) Where there is o chonge in the constitution of o registered person on occount of sole, merger, demerger, omolgomqtion, leose or tronsfer of the business with the specific provisions of tronsfer of liobilities, the soid registered person sholl be ollowed to ronsfer the inputtox credit which remoins unutilised in his electronic credit ledger to such sold, merged, demerged, omolgomoted, leosed or tronsferred business in such monner os moy be prescribed. (4) Where ony registered person who hos ovoiled ofinputtox creditopts to poy tox under sedion 10 or, where the goods or services or both supplied by him become wholly exempt, he sholl poy on omount, by woy of debit in the electronic credit ledger or electronic cosh ledger, equivolent to the credit of inputtox in respect of inputs held in stock ond inputs contoined in semi-finished or finished goods held in stock ond on copitolgoods, reduced by such t29 percentoge points os moy be prescribed, on the doy imme- diotely preceding the dote of exercising ol such option or, os the cose moy be, the dote of such exemption: Provided thot ofter poyment of such omount, the bolonce of input tox credit, if ony, lying in his electronic credit ledger sholl lopse. (5) The omount of credit under sub- section ('l ) ond the omount poyoble under sub-section (4) sholl be colculoted in such monner os moy be prescribed. (5) ln cose of supply of copitol goods or plont ond mochinery. on which input tox credit hos been token, the registered person sholl poy on omount equol to the input tox credit token on the soid copitol goods or plont ond mochinery reduced by such percentoge points os moy be prescribed or the lox on the tronsoction volue of such copitol goods or plont ond mochinery determined under section 15, whichever is higher: Provided thot where refroctory bricks, moulds ond dies, jigs ond fixtures ore supplied os scrop, the toxoble person moy poy tox on the tronsoction volue of such goods determined under section 15.