Section 193 : Tax paid on capital goods lying with agents to be allowed as credit – Transitional Provisions

193. Tax paid on capital goods lying with agents to be allowed as credit

Where any capital goods belonging to the principal are lying at the premises of the agent on the appointed day, the agent shall be entitled to take credit of the tax paid on such capital goods subject to fulfillment of the following conditions:

(i) the agent is a registered taxable person under this Act;

(ii) both the principal and the agent declare the details of the stock of capital goods lying with such agent on the date immediately preceding the appointed day in such form and manner and within such time as may be prescribed in this behalf;

(iii) the invoices for such capital goods had been issued not earlier than twelve months immediately preceding the appointed day; and

(iv) the principal has either not availed of the input tax credit in respect of such capital goods or, having availed of such credit, has reversed the said credit, to the extent availed of by him.

(Only in SGST Law)