Amendment status not verified — confirm the current text below against the official source.
(2) A registered person, other than a person opting to pay tax under section I 0, shall be entitled to take, in his electronic credit ledger, credit of the unveiled input tax credit in respect of capital goods, not carried forward in a return, furnishedunder the existing law by him, for the period ending with the day immediately preceding the appointed day in such manner as may be prescribed: Provided that the registered person shall · not be allowed to take credit unless the said credit was admissible as input tax credit under the existing law and is also admissible as input tax credit under this Act. Explanationv- For the purposes of this section, the expression "unveiled input tax credit" means the amount that remains after subtracting the amount of input tax credit already availed in respect of capital goods by the taxable person under the existing law from the aggregate amount ofinput tax credit to which the said person was entitled in respect of the said capital goods under. the existing law. (3) A registered person, who was not liable to be registered under the existing law or who was engaged in the sale of exempted or tax free goods, by whatever name called, or goods which have suffered tax at the first point of their sale in the State and· the subsequent. sales. of which are not subject to tax in the State under the existing law but which are liable to tax under this Act or where the person was entitled to the credit of input-tax atthe time of sale of goods, if any, shall be entitled to take, in his electronic credit ledger, credit of the value added tax and entry tax in respect of inputs held in stock" and inputs contained in semi-finished or finished goods held in stock on the appointed day subject to the following conditions namely:- (i) such inputs or goods are used or intended to be used for making taxable supplies under this Act; (ii) the said registered person is)Iigiole for input tax credit on such inputs under thi_s?c:t; 138 (iii) the · said registered person is in possession of invoice or other prescribeddocuments evidencing payment of tax under the existing law in respect of such inputs; and (iv) such invoices-0rt>ther prescribeddocuments were issued not 'earlier than twelve months immediately preceding the appointedday: Provided that where a registered person, other than a manufacturer or a supplier of services, is not in possession of an invoice or any other documents evidencingpayment of tax in respect of inputs, then, such registered person shall, subject to such conditions, limitations and safeguards as may be prescribed, including that the said taxable person shall pass on the benefit of such credit by way of reduced prices to the recipient, be allowed to take credit at such rate and in such manner as may be prescribed. (4) A registered person, who was engaged in the sale of taxable goods as well as exempted goods or tax free goods under the existing law but which are liable to tax under this Act, shall be entitled to take, in his electronic credit ledger- (a) the amount of credit of the value added tax and entry tax, if any, carried forward in a return furnished under the existing law by him in accordance with the provisions of sub-section (1); and (b) the amount of credit of the value added tax and entry tax, if any, in respect of inputs held in. stock and inputs contained in semi-finished or finished goodsheld in stock on the appointedday,relating to such exemptedgoods or tax free goods,bywhatever rtam,lcalled, in accordance. with the provisionsof sub-section (3). (5) A .. registered person shall be entitled to take, in his electronic credit led!cr. -credit of vaiue added tax in · respect of inputs received on or after the appointedday but the . tax in respect of whiql has been paid by the supplier.under the existing law, ?llbjectto thf condition that . the invoice or any other tax paying document of the same· was recorded in the books of account of such person within a period of thirty,daysfrom the appointed day:,i Provided that the period of thirty days may, on sufficient ca'lfse being shown, be extended by the Commissioner for a further period not exceeding thirty days: Provided further that the said registeredperson shall furnish a statement, in $U£h:rnanner as m:ay be prescribed,in respect of credit that has been taken under this sub-section. 139 (6) A registeredperson, who was either payingtax at a fixed rate or payinga fixed amount in lieu of the tax payableunder the existinglaw shall be entitled to take, in his electronic· credit ledger,credit of value added tax in respect of inputsheld in stock and inputscontained in semi-finished or finished goodsheld in stock on the appointeddaysubjectto the followingconditions, namely:- {.i) such inputs or goodsare •used or intended to be used for makingtaxable suppliesunder this Act; (ii) the said registeredperson is not payingtax under section 10; (iii) the said registeredpersonis eligiblefor input tax credit on such inputsunder this Act; (iv) the said registeredperson is in possession of invoice or other prescribeddocuments evidencing payment of tax under the existinglaw in respect of inputs;and (v) such invoices or other prescribeddocuments were issued not earlier than twelve months immediately preceding the appointedday. (7) The amount of credit under sub-sections (3),(4) and (6) shall be calculated in such manner as may be prescribed.