Transition provision

Discussion in 'GST (Goods & Service Tax)' started by Ramesh Gurjar, Aug 19, 2017.

  1. Ramesh Gurjar

    Ramesh Gurjar New Member

    I had opted composition scheme under vat, can I take credit of stock in hand at 30th June???
     
  2. Raju Choudhary

    Raju Choudhary Active Member Staff Member

    you''ll get credit as per sec 140(3), subject to condition mentioned in the sec

    (i) such inputs or goods are used for making taxable
    supplies under this Act;
    (ii) the said registered person is eligible for input tax credit on such inputs under
    this Act;
    (iii) the said registered person is in possession of invoice or other prescribed
    documents evidencing payment of duty under the existing law in respect of such
    inputs;
    (iv) such invoices or other prescribed documents were issued not earlier than
    twelve months immediately preceding the appointed day; and
    (v) the supplier of services is not eligible for any abatement under this Act:
     
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