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Closing Stock as on 30-06-2017

25 May 2017

Please clear us how ITC will adjusted on closing stock as on 30-06-2017, we already utilize itc on same stock on VAT, than in GST can we avail this ITC.

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8 Replies

onkar kapoor (2 Points)
Replied 25 May 2017

u can take credit of those stock which are old till than 12 month n u have documents for this
also its is pass through

Ganesh Sharma (20 Points)
Replied 25 May 2017

no u can't take ITC if u have already availed

1 Like

kalpana matolia (article) (61 Points)
Replied 25 May 2017

No VAT ITC will be carried forward in GST. If your goods are taxable under central excise then you can get CGST ITC on your stock as on 30-06-2017.

Studentsca (CA Practice ) (3577 Points)
Replied 25 May 2017

Only unavailed ITC can be claimed in GST. In your case since you have adjusted ITC against VAT liability the same cannot be carried forward to GST.

2 Like

hemang choksi (18 Points)
Replied 26 May 2017

what about in composite scheme? in composite scheme we cant take ITC but what are the rules for old stock in composite scheme

Ganesh Sharma (20 Points)
Replied 26 May 2017

in GST also you can't claim ITC under Composite Scheme even if it is old stock.

hemang choksi (18 Points)
Replied 26 May 2017

yes. i know we cant take ITC but is there any other rules for old stock for composite scheme

Ganesh Sharma (20 Points)
Replied 26 May 2017

as of now there is no rule.

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