Go AD-FREE with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Carry forward of EXCISE DUTY paid.

177 views 1 replies

rakesh kumar

18 Points Joined December 2015

Facts:

Trade type.: Whole sale dealer cum Retailer who has only VAT & CST Reg (No Service tax and Excise Reg)

He paid Excise duty on interstate purchases made in may 17 and July 17. Out of that stock some portion was sold and remaining was there as closing stock.

Now can he claim excise duty paid as CGST in GST. If yes, what portion. I mean full excise duty or excise duty related to closing stock only.

And also whats the procedure if he can carry forward.

Replies (1)

CA Akhilesh Kumar Kandpal

Proprietor A K Kandpal & Associates

1442 Points Joined February 2010

if you have invoice on which excise duty is shown separately than you will get full credit, provided goods are not older than 12 month as on 1st July (means invoice date is not older than 12 months)....
if you don't have excise invoice than you will get only 20% of the value of goods, if gst rate is 12 or less and 30% if gst rate is 18% or higher. this credit will be allowed only when you sold these goods and you have reduced the price to customer by the amount of benefit you are getting from the credit....the above mentioned percentage is on the amount of igst......in case cgst and sgst is charged, credit will be 40 and 60 percent respectively of the amount of cgst.....