Page 110 - GSTL_23rd July 2020_Vol 38_Part 4

476 GST LAW TIMES [ Vol. 38
ceding the date of exercising of such option or, as the case may be, the date
of such exemption :
Provided that after payment of such amount, the balance of input tax credit,
if any, lying in his electronic credit ledger shall lapse.
(5) The amount of credit under sub-section (1) and the amount payable
under sub-section (4) shall be calculated in such manner as may be pre-
scribed.
(6) In case of supply of capital goods or plant and machinery, on which
input tax credit has been taken, the registered person shall pay an amount
equal to the input tax credit taken on the said capital goods or plant and
machinery reduced by such percentage points as may be prescribed or the
tax on the transaction value of such capital goods or plant and machinery
determined under section 15, whichever is higher :
Provided that where refractory bricks, moulds and dies, jigs and fixtures
are supplied as scrap, the taxable person may pay tax on the transaction
value of such goods determined under section 15.
11. Input tax credit is discussed in detail in Rules 36, 37, 40, 41 and 42 of the
CGST Rules, 2017 as under :
Rule 36. Documentary requirements and conditions for claiming input
tax credit. - (1) The input tax credit shall be availed by a registered person,
including the Input Service Distributor, on the basis of any of the following
documents, namely, -
(a) an invoice issued by the supplier of goods or services or both
in accordance with the provisions of section 31;
(b) an invoice issued in accordance with the provisions of clause
(f) of sub-section (3) of section 31, subject to the payment of
tax;
(c) a debit note issued by a supplier in accordance with the provi-
sions of section 34;
(d) a bill of entry or any similar document prescribed under the
Customs Act, 1962 or rules made thereunder for the assess-
ment of integrated tax on imports;
(e) an Input Service Distributor invoice or Input Service Distribu-
tor credit note or any document issued by an Input Service
Distributor in accordance with the provisions of sub-rule (1) of
rule 54.
(2) Input tax credit shall be availed by a registered person only if all the
applicable particulars as specified in the provisions of Chapter VI are con-
tained in the said document, and the relevant information, as contained in
the said document, is furnished in FORM GSTR-2 by such person.
Provided that if the said document does not contain all the specified partic-
ulars but contains the details of the amount of tax charged, description of
goods or services, total value of supply of goods or services or both, GSTIN
of the supplier and recipient and place of supply in case of inter-State sup-
ply, input tax credit may be availed by such registered person.
(3) No input tax credit shall be availed by a registered person in respect of
any tax that has been paid in pursuance of any order where any demand
has been confirmed on account of any fraud, willful misstatement or sup-
pression of facts.
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