Every person who is
- A Registered Dealer and was unregistered under previous law
- Who was engaged in the manufacture of exempted goods or provision of exempted services
- Who was providing works contract service and was availing abatement
- A first stage dealer or a second stage dealer
- A registered importer
can also enjoy ITC of inputs in stock held on 1st July.
The following conditions must be fulfilled –
- Inputs or goods are used for making taxable supplies
- Such benefit is passed on by way of reduced prices to the recipient
- Taxable person is eligible for input tax credit on such inputs
- The person is in possession of invoices evidencing payment of duty under the earlier the law
- The invoices are not older than 12 months
- The supplier of services is not eligible for any abatement under GST
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