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input credit on stock for the product being taxed first time

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(Querist)
21 June 2017 As there was no tax on cloth, with implimentation of gst it will be taxed @ 5% . So what is the treatment of stock in hand on 1st july? whether input credit avaliable on full amount ??
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 June 2017 Yes. incase your product comes under tax, the you are eligible to take input credit available on stock as on 30th June
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Rajat

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Rajat (Querist)
21 June 2017 Is that will be on full amount or else ??



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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 June 2017 If you have the complete duty paid documents & all the credits with in 12 months then you can take full amount

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