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Documentary requirements and conditions for claiming input tax credit 1 The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely: Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day 1 Every registered person entitled to take credit of input tax under section shall, within sixty days of the appointed day, submit an application electronically in FORM GST TRAN1, duly signed, on the Common Portal specifying therein, separately, the amount of tax or duty to the credit of which the said person is entitled under the provisions of the said section: Value of supply of goods or services where the consideration is not wholly in money Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall, a be the open market value of such supply; b if open market value is not available, be the sum total of consideration in money and any such further amount in money as is equivalent to the consideration not in money if such amount is known at the time of supply; c if the value of supply is not determinable under clause a or clause bbe the value of supply of goods or services or both of like kind and quality; d if value is not determinable under clause a or clause b or clause cbe the sum total of consideration in money and such further amount in money that is equivalent to consideration not in money as determined by application of rule 4 or rule 5 in that order.
Intimation for composition levy 1 Any person who has been granted registration on a provisional basis under sub-rule 1 of rule Registration. Provided that where the intimation in FORM GST CMP is filed after the appointed day, the registered person shall not collect any tax from the appointed day but shall issue bill of supply for supplies made after the said day.Historical reforms Goods and Services Tax (GST) is a historical proposed system of indirect taxation in India merging most of the existing indirect taxes into unified system of taxation.
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