Page 74 - GSTL_7th May 2020_Vol 36_Part 1

32 GST LAW TIMES [ Vol. 36
or a registered importer or a depot of a manufacturer, shall be entitled to
take, in his electronic credit ledger, credit of eligible duties in respect of in-
puts 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 mak-
ing 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 ap-
pointed day; and
(v) the supplier of services is not eligible for any abatement under
this Act :
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 docu-
ments evidencing payment of duty in respect of inputs, then, such regis-
tered 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 manufacture of taxable
as well as exempted goods under the Central Excise Act, 1944 or provision
of taxable as well as exempted services under Chapter V of the Finance Act,
1994, but which are liable to tax under this Act, shall be entitled to take, in
his electronic credit ledger, -
(a) the amount of CENVAT credit 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 CENVAT credit of eligible duties in respect of
inputs held in stock and inputs contained in semi-finished or
finished goods held in stock on the appointed day, relating to
such exempted goods or services, in accordance with the pro-
visions of sub-section (3).
(5) A registered person shall be entitled to take, in his electronic credit
ledger, credit of eligible duties and taxes in respect of inputs or input ser-
vices received on or after the appointed day but the duty or tax in respect of
which has been paid by the supplier under the existing law, subject to the
condition that the invoice or any other duty or tax paying document of the
same was recorded in the books of account of such person within a period
of thirty days from the appointed day :
Provided that the period of thirty days may, on sufficient cause being
shown, be extended by the Commissioner for a further period not exceed-
ing thirty days :
Provided further that said registered person shall furnish a statement, in
such manner as may be prescribed, in respect of credit that has been taken
under this sub-section.

GST LAW TIMES  7th May 2020  74