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20 Effect of registration

20 Effect of registration

(1) If at the time at which an unregistered dealer’s registration takes effect after the commencement of this Act and –

(a) the dealer holds trading stock for the purpose of sale, or for use as raw materials for the

production of [finished goods];

(b) the dealer has borne input tax on the purchase of the trading stock or raw materials;

form to the Commissioner; and

(d) the dealer holds adequate proof of the amount of input tax in respect of the purchases;

the dealer shall be entitled to a tax credit for the trading stock or raw materials held by the dealer on the date that the dealer’s registration takes effect;

PROVIDED that the dealer must claim the entire amount of tax credit to which he is entitled in a single claim, which accompanies the first return furnished by the dealer under this Act.

Explanation I.- This section applies where goods have borne tax imposed after the

commencement of this Act;

Explanation II.- Section 14 deals with goods which have borne sales tax prior to the

commencement of this Act.

(2) For the purposes of sub-section (3) of section 9 of this Act, the amount of the tax credit

shall be the least of -

(a) the amount of input tax disclosed in the proof referred to in clause (d) of sub-section (1) of this section;

(b) the tax fraction of the cost of the goods;

(d) such amount as may be prescribed.

(3) Where the registered dealer accounts for turnover on the basis of amounts received and

amounts paid, he shall exclude from his turnover -

(a) any amount received after he is registered in respect of sales made while he was unregistered; and

(b) any amount paid after he is registered in respect of purchases made while he was

unregistered.

GST RATES FINDER GST ACTS BOOK (DECODING GST) GST RULES GST PROVISIONAL REGISTRATION MODEL GST LAW LEVY OF TAX

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Who We Are

GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .