Section 142(14) in Karnataka Goods and Services Tax Act, 2017
(14)Where any goods or 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 goods or capital goods subject to fulfilment 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 stock of goods or capital goods lying with such agent on the day 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 goods or capital goods had been issued not earlier than twelve months immediately preceding the appointed day; and (iv) the principal has either reversed or not availed of the input tax credit in respect of such,-(a)goods; or(b)capital goods or, having availed of such credit, has reversed the said credit, to the extent availed of by him.Explanation.- For the purposes of this Chapter, the expression "capital goods" shall have the same meaning as assigned to it in the Karnataka Value Added Tax, 2003 (Karnataka Act 32 of 2004).
