Input credit on stock as on 1st july-17

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PRANAY JAIN (Querist)
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28 March 2017 How would input credit on stock calculated on stock as on 1st July-17.
1. If my stock as on 1st July was purchased directly from manufacturer.(with Excise showing in invoice)
2. If my stock as on 1st July was purchased from dealer within the state.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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30 March 2017 In both the cases, input credit can be taken under one head.

PRANAY JAIN

PRANAY JAIN (Querist)
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30 March 2017 Is their any methodology for calculating the same in GST Law, please share the same.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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30 March 2017 You can refer to Chapter 5 - Input Tax Credit of GST Law (Revised)

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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31 March 2017 Whatever, Tax is shown in your invoice in respect of Inputs in Stock, that will be your credit amount which you can avail in GST regime.