CONDITIONS FOR AVAILING CREDIT BY NEW REGISTRANT NOT REGISTERED PRIOR TO 1-7-2017

• Goods on which credit is claimed were not unconditionally exempt from the whole of the duty of excise or were not 'Nil rated.
• The document for procurement of such goods is available with the registered person. In case these documents are not available, credit is admissible at the rate of sixty percent (30% in case IGST is payable) on such goods which attract central tax at the rate of nine per cent or more and forty per cent. (20% in case IGST is payable) for other goods. However GST on such supply has to be paid prior to availing credit.
• The scheme is available for six tax periods and a statement in FORM GST TRAN-2 is filed at the end of each of the six tax periods during which the scheme is in operation indicating the details of supplies of such goods effected during the tax period.
• The stock of goods on which the credit is availed is so stored that it can be easily identified by the registered person.