Eligible duties and taxes on goods which were held in stock on appointed day, if person was not eligible to take Cenvat credit or Vat credit earlier
A registered person who was not liable to be registered under earlier law or who was engaged in the manufacture of exempted goods or provision of exempted service or who was providing works contract service and paying service tax under abatement scheme under Notification No. 26/2012-ST dated 20-6-2012 or first stage dealer or second stage dealer or a registered importer or a depot of a manufacturer, shall be entitled to take credit in his electronic cash register of eligible duties in respect of inputs in stock and inputs contained in semi-finished or finished goods lying in stock. There should be duty paying document with him which are not more than 12 month old. The supplier of service should not be eligible for any abatement under CGST Act – section 140(3) of CGST Act and section 140(3) of SGST Act.
A taxable person who was not eligible to take Cenvat Credit but is now under GST can take input tax credit of excise duty which was paid on the stock with him, if he has Invoice or other documents evidencing payment of excise duty.
A taxable person who was not earlier under State Vat but is now under GST can take input tax credit of State Vat which was paid on the stock with him, if he has tax invoices or other documents evidencing payment of State Vat. He has to submit stock statement – section 140(3) of SGST Act. He has to submit stock statement in prescribed form.