Input Tax Credit

A registered person who was not registered under the existing law shall, in accordance with the proviso to sub-section (3) of section 140, be allowed to avai of input tax credi on goods (on which the duty of central excise or, as the case may be, additional duties of customs under sub -section (1) of section 3 of theCustoms Tariff Act, 1975, is leviable) held in stock on the appointed day in respect of which he is not in possession of any document evidencing payment of central excise duty.

(ii) Such credit shall be allowed at the rate of sixty per cent. on such goods which attract central tax at the rate of nine per cent. or more and forty per cent. for other goods of the central tax applicable on supply of such goods after the appointed date and shall be credited after the central tax payable on such supply has been paid; Provided that where integrated tax is paid on such goods, the amount of credit shal be allowed at the rate of thirty per cent. and twenty per cent. respectively of the said

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Suraj Nair

ajay kumar

Vinay Garg

venkat

Kaushik Deepak (KD)

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