Page 75 - GSTL_7th May 2020_Vol 36_Part 1

2020 ] NELCO LTD. v. UNION OF INDIA 33
(6) A registered person, who was either paying tax at a fixed rate or pay-
ing a fixed amount in lieu of the tax payable under the existing law shall be
entitled to take, in his electronic credit ledger, credit of eligible duties in re-
spect of inputs held in stock and inputs contained in semi-finished or fin-
ished 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 not paying tax under Section 10;
(iii) the said registered person is eligible for input tax credit on
such inputs under this Act;
(iv) the said registered person is in possession of invoice or other
prescribed documents evidencing payment of duty under the
existing law in respect of inputs; and
(v) such invoices or other prescribed documents were issued not
earlier than twelve months immediately preceding the ap-
pointed day.
(7) Notwithstanding anything to the contrary contained in this Act, the
input tax credit on account of any services received prior to the appointed
day by an Input Service Distributor shall be eligible for distribution as cred-
it under this Act even if the invoices relating to such services are received
on or after the appointed day.
(8) Where a registered person having centralised registration under the
existing law has obtained a registration under this Act, such person shall be
allowed to take, in his electronic credit ledger, credit of the amount of
CENVAT credit carried forward in a return, furnished under the existing
law by him, in respect of the period ending with the day immediately pre-
ceding the appointed day in such manner as may be prescribed :
Provided that if the registered person furnishes his return for the period
ending with the day immediately preceding the appointed day within three
months of the appointed day, such credit shall be allowed subject to the
condition that the said return is either an original return or a revised return
where the credit has been reduced from that claimed earlier :
Provided further that the registered person shall not be allowed to take
credit unless the said amount is admissible as input tax credit under this
Act :
Provided also that such credit may be transferred to any of the registered
persons having the same Permanent Account Number for which the cen-
tralised registration was obtained under the existing law.
(9) Where any CENVAT credit availed for the input services provided
under the existing law has been reversed due to non-payment of the con-
sideration within a period of three months, such credit can be reclaimed
subject to the condition that the registered person has made the payment of
the consideration for that supply of services within a period of three
months from the appointed day.
(10) The amount of credit under sub-sections (1), (3), (4) and (6) shall be
calculated in such manner as may be prescribed.
Explanation 1. - For the purposes of sub-sections (3), (4) and (6), the expres-
sion “eligible duties” means -

GST LAW TIMES  7th May 2020  75