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Entitlement of registered (Seventh Schedule — pay only) person to credit

Goods and Services Tax (General) Regulations

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—(1) The registered (Seventh Schedule — pay only) person is entitled, upon making a claim to the Comptroller in the period in paragraph (2), to credit for the amount of the reduction in tax in respect of the relevant supply.(2) The claim must be made —(a)where the supply took place, or (where section 92 or 92A of the Act applies to the supply) the transitional date for the supply occurred, in the subject accounting period — not more than 5 years from and including the day immediately after the last day of the subject accounting period; or(b)where the supply took place, or (where section 92 or 92A of the Act applies to the supply) the transitional date for the supply occurred, in an earlier prescribed accounting period — not more than 5 years from and including the day immediately after the last day of that earlier prescribed accounting period,or such longer period as the Comptroller may allow.(3) Subject to paragraph (5), the amount of the credit must be used —(a)to reduce the output tax due from the claimant for the subject accounting period; and(b)where there is any balance of the credit after the reduction in sub-paragraph (a), to reduce any output tax due or which becomes due from the claimant for any other prescribed accounting period (whether before or after the subject accounting period), until no amount of the credit remains.(4) Where any amount of the credit is used to reduce any output tax due from the claimant for any prescribed accounting period under paragraph (3), then —(a)the amount of that output tax is reduced by the amount of the reduction; and(b)the amount of the reduction is, to the extent of that amount, deemed to have been refunded to the claimant by the Comptroller.(5) Instead of requiring any amount of the credit to be used to reduce any output tax due from the claimant in accordance with paragraph (3), the Comptroller may —(a)refund the claimant that amount of the credit; and(b)deduct from the refund any expenses that the Comptroller may incur in making the refund.

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