Goverment says that only person will only get 40% of ITC IF GOODS TAXABLE earlier/Present less then 18%.
And rest will get 60% ITC only..
Plz explain how can i avail itc of my
stock and what about of remaining Itc.
the GST Council has increased the limit on input tax credit to 60% against excise payments from 40% earlier on items with tax rates at 18% and above without excise payment receipts, bringing some respite on sale of inventories stocked up before the implementation of the new tax regime on July 1.
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