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Please help....

19 June 2017

I m not registered under any existing law....becose i m in the business of trading of cloth (which was exempted under VAT & CST).....now it is taxable under gst....on today i have stock of Rs.10 lakh....how can i declare dt stock under gst?....can i get ITC on it?....I have purchase bills of the unsold stock....and also tell me wat will happen if i dont have purchase bills....as in income tax i m taking benefit of section 44AD....please reply as its very common problem.....thanx in advance

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9 Replies

sksen (M.Engg, FCMA,LL.B,LLM) (270 Points)
Replied 19 June 2017

no ITC for unregistered party.

Gagan Singla (564 Points)
Replied 19 June 2017

sir.,
for transition scheme you have to follow sectiom 140 for taking credits and all of all the stocks lying with u as on 01.07.2017 read with transitional provisions rule 1,2,3,4,5

Gagan Singla (564 Points)
Replied 19 June 2017

if you are having duty paid dox against stock lyong with you means the stock u r having is all through purchase bills and easily identifiable in ur shop etc. then u will get full credit of respective cgst and sgst separately as per duties mentioned

Gagan Singla (564 Points)
Replied 19 June 2017

full credit does not means 100% off. it means if u r having e.g vat paid bills of Rs. 1500 vat shown in purchase bills then u will get credit of Rs. 1500 in sgst and if u r having excise on purchase bill e.g Rs. 1250 then u will get credit of Rs. 1250 in cgst

Gagan Singla (564 Points)
Replied 19 June 2017

if u r not having duty paid documents then propprtionate credit available in ration of 40/60, 60/40, 30% depending on various cases but there are some conditions like stock to be identfiable and goods must be taxable in vat excise etc. and not exempt by any means. etc. conditions are there

Sabareesh Nair (12 Points)
Replied 19 June 2017

subject to 6 months prior purchase and 6 moths sales

Sabareesh Nair (12 Points)
Replied 19 June 2017

Credit will not get on stock of goods which purchased before 6 months from the appointment of gst. Further, the goods should be sold within 6 months from the date of appointment of GST.

Prashant Toshnival (42 Points)
Replied 19 June 2017

hello all...read my querry again..i just asked about cloth vch was exempted.....wat to do if i have purchase bills with no vat and cst effect.....n also tell me wat to do if i dont have putchase bills...