Closing stock valuation for gst rollout

IF you are registered under vat laws, the amount of vat credit brought fwd by you in your return would be available as itc in gst laws pertaining to fulfillment of certain conditions. 2. now since you are a trader and you are not registered as manufacturer you cant take the credit of excise duty paid by you. You are provided with 2 options option 1: applies when you have invoices or documents evidencing payment of excise duty by you. On fulfillment of certain conditions youll be getting the input tax credit under gst. option 2 : applies when you don't have documents or invoices evidencing payment of excise duty. here you would be getting ITC equal to 40% of CGST applicable on supply of such goods( held in stock) after appointed date and shall be credited after CGST payable on supply of such goods have been paid. however this itc of 40 % shall be available on fulfillment of certain conditions. for more queries or clarifications you can mail me at neharampuria @ gmail.com

Input Credit on VAT, CST, Excise, ST etc will be available on closing stock based on documents.
Ex:
To claim ITC of Excise on closing stock you must have excisable invoice in place showing excise paid.

YES .( WITH FULFILLMENT OF CERTAIN CONDITIONS AS EARLIER SAID) AND IF YOU DONT HAVE THE INVOICE YOU HAVE OPTION 2 .

but if you opt for option 2 then you have to pass on complete benefit to end consumer by making suitable changes in selling price, isn't it Nehaa?

Thank you for prompt response of all,

I have document of invoices which were paid excise duty, can we calculated the excisable invoices upto 31/3/17 or 30/6/17 for getting the input of excise duty and also we have huge unsold stock of vat tax paid invoices, but there is no Net credit balance of input, Can we claim that invoices for excise duties. That invoices not contain of excise duty only on vat tax, but the supplier has paid the excise duty on the particular product in that invoice and what are the conditions fulfilment for getting of input tax

hi i have following query 

i am a manufacture (ssi ) i am not registered under excise but registered under vat. my goods were exmepted from both excise and vat under the old regime but now their would be 12 % tax(under gst) on goods i manufacture. My main ingredient is iron and steel on which i was paying both excise and vat (though i dont have bills of excise duty as i used to purchase from dealers ). 

i want to know how will i get input tax credit on closing stock on 30.6.17. how much i can claim and what would be the procedure.     

please guide me. 

Since you are manufacturer you will be allowed to take credit based on documents only.

i am sub contractor i have taken project of 120000(twelve lakhs) on 03-04-2017 and due labour issue it will take approx still a month to complete and party is telling as per ur time ur give the delivery but if the bill comes under gst we are not responsible

Hi Neha,

Can you suggest me that what will be the impact on filing the VAT & CST return for the month of June when the GST will be implemented

Mukesh

The return filed for the month of june will be of crucial  because the credit of your vat return being brought fwd would be provided to you in gst in your e credit ledger. so one must file the last return with due care. try to take input tax credit where there is doubtful situation, so as to avoid future loss., preserve the supporting documents too.

i am a trader of textile cloth which was exemt under current vat prov....but under GST it will be taxable @ 5%....my question is what will be the tax implication on my closing stock as on 30th june2017

Yes was your good subject to excise duty?

since cloth is taxable @ 5% without ITC under GST, you should reduce your stock Pre GST as you will not be eligible for deemed credit as well

Because in textile cotton fabric was liable to excise duty