As per section 16(3) of the MGL, he can avail ITC in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under section 7.
Articles in this section
- What is input tax?
- What is the implication of different definition of “input tax” in three acts viz CGST, SGST and IGST Acts?
- Can GST paid on reverse charge be considered as input tax?
- Does input tax includes tax (CGST/ IGST/SGST) paid on input goods, input services and/ or capital goods?
- What is the ITC entitlement of a person who has been granted registration under Section 16(2)?
- A person is eligible for input tax credit on inputs held in stock within how many days
- What is the eligibility of input tax credit on inputs in stock for a person who obtains voluntary registration?
- Where goods and/or services received by a taxable person are used for effecting both taxable and non-taxable supplies, whether the input tax credit is available to the registered taxable person?
- Where goods and/or services received by a taxable person are used for the purpose of business and non-business supplies, whether the input tax credit is available to the registered taxable person?
- What would be input tax eligibility in cases where there is a change in the constitution of a registered taxable person?