170 Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations -Revised Model GST Law ( Nov 2016)

By | March 14, 2017
(Last Updated On: March 14, 2017)

Revised Model GST Law ( Nov 2016)

Section 170 Revised Model GST Law ( Nov 2016)

  1. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations 

(1) A registered taxable person, who was engaged in the manufacture of non- exempted as well as exempted goods under the Central Excise Act, 1944 (1 of 1944) or provision of non-exempted as well as exempted services under Chapter V of Finance Act, 1994 (32 of 1994), shall be entitled to take, in his electronic credit ledger

(a) the amount of Cenvat credit carried forward in a return furnished under the earlier law by him in terms of section 167; and

(b) the amount of Cenvat credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day, relating to exempted goods or services, in terms of section 169.

(CGST Law)

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