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59.
Tax paid on stocks acquired before registration.-- The
tax, other than the turnover tax, paid on goods purchased by a person who is
subsequently required to be registered under section 14 due to new liabilities
or levies or gets voluntary registration under section 18, shall be treated as
input tax, provided that such goods were purchased by him from a registered
person against an invoice issued under section 23 during a period of thirty days
before making an application for registration and constitute his verifiable
unsold stock on the date of compulsory registration or on the date of
application for registration or for voluntary registration:
Provided that where a person imports goods, the tax paid by him thereon during a
period of ninety days before making an application for registration shall be
treated as an input tax subject to the condition that he holds the bill of entry
relating to such goods and also that these are verifiable unsold or un-consumed
stocks on the date of compulsory registration or on the date of application for
registration or for voluntary registration.
