Sir,
We having Partnership firm. we holding stock purchased in local supplier and having vat bill there is no excise duty. how we can claim credit on closing stock. if there is no credit we are loosing money 13% how we can manage
Ravi
(Accountant)
(22 Points)
Replied 22 June 2017
Sir,
We having Partnership firm. we holding stock purchased in local supplier and having vat bill there is no excise duty. how we can claim credit on closing stock. if there is no credit we are loosing money 13% how we can manage
Nitin Agarwal
(Article Assistant)
(41 Points)
Replied 22 June 2017
| Originally posted by : Ravi | ||
 |
Sir, We having Partnership firm. we holding stock purchased in local supplier and having vat bill there is no excise duty. how we can claim credit on closing stock. if there is no credit we are loosing money 13% how we can manage |
 |
if u dont have excise bill then u can claim 40% of the CGST paid as credit(provided stock is not held for more than a year). But if stock is older than 1 year then no credit is admissible. So it is advisable to clear the old stock and maintain low inventory before GST roll out
varadhachar
(accountant)
(29 Points)
Replied 24 June 2017
Please clarify Decorative Laminate Rate of GST whether 28% or 18% (HSN Code 48239019)
Amit
(Accounts Manager)
(109 Points)
Replied 24 June 2017
If stationery guy registed then, why RCM ? it will be normal B to B tansaction
Jeet Vachharajani
(Student)
(417 Points)
Replied 24 June 2017
Nishant Vaswani
(articles)
(26 Points)
Replied 24 June 2017
Whether GST needs to be paid on second sale of property. OC has not been received yet. First owner has paid Vat and Service Tax.
RAJA P M
("Do the Right Thing...!!!")
(127463 Points)
Replied 26 June 2017
| Originally posted by : Jeet Vachharajani | ||
|
Hi Mukesh.CGST Act quite clearly says that such dealers and traders can avail input tax credit in respect of goods in stock with them as on 1-7-2017 on which Vat and/or excise duty has been paid and for which they have duty paying documents, which are less than 12 months old i.e. invoices issued on or after 1-7-2016 will be eligible for input tax credit. | |
Dear Jeet.,
I have a Big doubt...
A Trader/Manufacturer Have "Stock-in-Hand Rs. 500,000/-". But, No ITC under VAT/CE in Hand on 30/06/17. Then how to treat the STOCK....?
rocky
(accountant)
(947 Points)
Replied 26 June 2017
kriti pareek
(practise)
(41 Points)
Replied 08 July 2017
please tell me the HSN code of grey marking cloth and cutting cloth
shivansh gupta
(student)
(23 Points)
Replied 09 July 2017
Jeet Vachharajani
(Student)
(417 Points)
Replied 09 July 2017
Jeet Vachharajani
(Student)
(417 Points)
Replied 09 July 2017
vikash
(business)
(3 Points)
Replied 05 August 2017
I do sales of 2nd hand mobile, laptop, electronics via ebay for past 2 years. No Ebay made mandatory of GST number. can you please help on below query.
My annual turnover via sales is 3-4Lakhs only. every year.
I buy 2nd hand products so, i dont pay service tax or vat when purchase.
Now if i sell in online ebay charge 2% tds it seems.
ex. if i sell a product for 10,000 and ebay charge me 600 as their charges, now what all i have to pay on GST and TDS. Please provide example for mobile, laptop, electronics of 2nd hand.
Deepak kr shah
(student)
(24 Points)
Replied 19 September 2017
Hi my queries is relating to tobacco traders/ dealers, Mr A purchased goods worth Rs 100 were he paid gst @ 28% plus Cess @ 160%( on zarda) now if he sell those goods with a profit margin of say Rs 100, what exactly his tax liability will be. also my concern is whether by having Rs 100 margin his tax liability will be Rs 188(100*188%), so he is incurring a loss of Rs 88 on every sale. please clarify my doubts with some illustrations if possible.
CAclubindia
