Rule 40. Manner of claiming credit in special
circumstances.-
(1) The input tax credit claimed in accordance with
the provisions of sub-section (1) of section 18 on the inputs held in stock or
inputs contained in semi-finished or finished goods held in stock, or the
credit claimed on capital goods in accordance with the provisions of clauses
(c) and (d) of the said sub-section, shall be subject to the following
conditions, namely,-
(a) the input tax credit on capital goods, in terms of
clauses (c) and (d) of sub-section (1) of section 18, shall be claimed after
reducing the tax paid on such capital goods by five percentage points per
quarter of a year or part thereof from the date of the invoice or such other
documents on which the capital goods were received by the taxable person.
1[(b) the registered person shall within a period of
thirty days from the date of becoming eligible to avail the input tax credit
under sub-section (1) of section 18, or within such further period as may be
extended by the Commissioner by a notification in this behalf, shall make a
declaration, electronically, on the common portal in FORM GST ITC-01 to the
effect that he is eligible to avail the input tax credit as aforesaid:
Provided that any extension of the time limit notified
by the Commissioner of State tax or the Commissioner of Union territory tax
shall be deemed to be notified by the Commissioner.]
(c) the declaration under clause (b)shall clearly
specify the details relating to the inputs held in stock or inputs contained in
semi-finished or finished goods held in stock, or as the case may be, capital
goods-
(i) on the day immediately preceding the date from
which he becomes liable to pay tax under the provisions of the Act, in the case
of a claim under clause (a) of sub-section (1) of section 18;
(ii) on the day immediately preceding the date of the
grant of registration, in the case of a claim under clause (b) of sub-section
(1) of section 18;
(iii) on the day immediately preceding the date from
which he becomes liable to pay tax under section 9, in the case of a claim
under clause (c) of subsection (1) of section 18;
(iv) on the day immediately preceding the date from
which the supplies made by the registered person becomes taxable, in the case
of a claim under clause (d) of sub-section (1) of section 18;
(d) the details furnished in the declaration under
clause (b) shall be duly certified by a practicing chartered accountant or a
cost accountant if the aggregate value of the claim on account of central tax,
State tax, Union territory tax and integrated tax exceeds two lakh rupees;
(e) the input tax credit claimed in accordance with
the provisions of clauses (c) and (d) of sub-section (1) of section 18 shall be
verified with the corresponding details furnished by the corresponding supplier
in FORM GSTR-1 or as the case may be, in FORM GSTR- 4, on the common portal.
(2) The amount of credit in the case of supply of
capital goods or plant and machinery, for the purposes of sub-section (6) of
section 18, shall be calculated by reducing the input tax on the said goods at
the rate of five percentage points for every quarter or part thereof from the
date of the issue of the invoice for such goods.
