(1) Subject to such conditions and restrictions as may be prescribed\u2014
\n(a) a person who has applied for registration under this Act within thirty days
\nfrom the date on which he becomes liable to registration and has been granted suchregistration shall be entitled to take credit of input tax in respect of inputs held in stock
\nand inputs contained in semi-finished or finished goods held in stock on the day
\nimmediately preceding the date from which he becomes liable to pay tax under the
\nprovisions of this Act;
\n(b) a person who takes registration under sub-section (3) of section 25 shall be
\nentitled to take credit of input tax in respect of inputs held in stock and inputs contained
\nin semi-finished or finished goods held in stock on the day immediately preceding the
\ndate of grant of registration;
\n(c) where any registered person ceases to pay tax under section 10, he shall be
\nentitled to take credit of input tax in respect of inputs held in stock, inputs contained in
\nsemi-finished or finished goods held in stock and on capital goods on the day immediately
\npreceding the date from which he becomes liable to pay tax under section 9:
\nProvided that the credit on capital goods shall be reduced by such percentage
\npoints as may be prescribed;
\n(d) where an exempt supply of goods or services or both by a registered person
\nbecomes a taxable supply, such person shall be entitled to take credit of input tax in
\nrespect of inputs held in stock and inputs contained in semi-finished or finished goods
\nheld in stock relatable to such exempt supply and on capital goods exclusively used
\nfor such exempt supply on the day immediately preceding the date from which such
\nsupply becomes taxable:
\nProvided that the credit on capital goods shall be reduced by such percentage
\npoints as may be prescribed.
\n(2) A registered person shall not be entitled to take input tax credit under
\nsub-section (1) in respect of any supply of goods or services or both to him after the expiry
\nof one year from the date of issue of tax invoice relating to such supply.
\n(3) Where there is a change in the constitution of a registered person on account of
\nsale, merger, demerger, amalgamation, lease or transfer of the business with the specific
\nprovisions for transfer of liabilities, the said registered person shall be allowed to transfer the
\ninput tax credit which remains unutilised in his electronic credit ledger to such sold, merged,
\ndemerged, amalgamated, leased or transferred business in such manner as may be prescribed.
\n(4) Where any registered person who has availed of input tax credit opts to pay tax
\nunder section 10 or, where the goods or services or both supplied by him become wholly
\nexempt, he shall pay an amount, by way of debit in the electronic credit ledger or electronic
\ncash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs
\ncontained in semi-finished or finished goods held in stock and on capital goods, reduced by
\nsuch percentage points as may be prescribed, on the day immediately preceding the date of
\nexercising of such option or, as the case may be, the date of such exemption:
\nProvided that after payment of such amount, the balance of input tax credit, if any,
\nlying in his electronic credit ledger shall lapse.
\n(5) The amount of credit under sub-section (1) and the amount payable under
\nsub-section (4) shall be calculated in such manner as may be prescribed.
\n(6) In case of supply of capital goods or plant and machinery, on which input tax credit
\nhas been taken, the registered person shall pay an amount equal to the input tax credit taken
\non the said capital goods or plant and machinery reduced by such percentage points as may
\nbe prescribed or the tax on the transaction value of such capital goods or plant and machinery
\ndetermined under section 15, whichever is higher:
\nProvided that where refractory bricks, moulds and dies, jigs and fixtures are supplied
\nas scrap, the taxable person may pay tax on the transaction value of such goods determined
\nunder section 15.<\/li>\n<\/ol>\n <\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Section 18 – Availability of credit in special circumstances of CGST ACT, 2017 (1) Subject to such conditions and restrictions as may be prescribed\u2014 (a) a person who has applied for registration under this Act within thirty days from the date on which he becomes liable to registration and has been granted suchregistration shall be … Continue reading “Section 18 – Availability of credit in special circumstances of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/159"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=159"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/159\/revisions"}],"predecessor-version":[{"id":160,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/159\/revisions\/160"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}