(In CGST Rules)
(3) (a) (i) A registered person, holding stock of goods which have suffered tax at the first point of their sale in the State and the subsequent sales of which are not subject to tax in the State availing credit in accordance with the proviso to sub-section (3) of section 140 shall be allowed to avail input tax credit on goods held in stock on the appointed day in respect of which he is not in possession of any document evidencing payment of value added tax.
(ii) Such credit shall be allowed at the rate of [forty per cenLJ of the State tax applicable on supply of such goods after the appointed date and shall be credited after the State tax payable on such supply has been paid
(iii) The scheme shall be available for six tax periods from the appointed date.
(b) Such credit of State tax shall be availed subject to satisfying the following conditions, namely,‑
(i) Such goods were not wholly exempt from tax under the <Name of the State> Value Added 7D/q $FWq 0 q q
(ii) Document for procurement of such goods is available with the registered person.
(iii) Registered person availing this scheme and having furnished the details of stock held by him in accordance with the provisions of clause (b) of sub-rule (2) of rule 1, submits a statement in FORM GST TRAN– at the end of each of the six tax periods during which the scheme is in operation indicating therein the details of supplies of such goods effected during the tax period
(iv) The amount of credit allowed shall be credited to the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on the Common Portal.
(v) The stock of goods on which the credit is availed is so stored that it can be easily identified by the registered person.
(4) The amount of credit specified in the application in FORM GST TRAN-1 shall be credited to the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on the Common Portal.
(In SGST Rules of States offering tax on MRP scheme)
(4) The amount of credit specified in the application in FORM GST TRAM-1 shall be credited to the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on the Common Portal.
Every person to whom the provisions of section 141 apply shall, within sixty days of the appointed day, submit an application electronically in FORM GST TRAN-1, specifying therein, the stock or, as the case may be, capital goods held by him on the appointed day details of stock or, as the case may be, capital goods held by him as a principal at the place/places of business of his agents/branch, separately agent-wise/branch-wise.
Every person having sent goods on approval under the earlier law and to whom sub-section (12) of section 142 applies shall, within sixty days of the appointed day, submit details of such goods sent on approval in FORM GST TRAN-1.
The amount credited under sub-rule (3) of rule 1 may be verif ied and proceedings under section 73 or, as the case may be section 74 shall be initiated in respect of any credit wrongly availed, whether wholly or partly.