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stock on 30th June 2017 how can I take credit from department of gst variation of tax between vat & Gst

30 June 2017

sir I have stock on 30th June 2017 @ 5,% and our product gone in Gst 12% than how can I take credit for variation of tax i.e 7%

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4 Replies

Vipul Maheshwari (Goods and Services Tax Consultant) (208 Points)
Replied 30 June 2017

FOR DEALERS REGISTERED UNDER VAT

1)Credit will be allowed of the amount that you have paid.

2) In your case you have paid only 5 % on purchases of goods and not 12% ,so no credit of 7 % wil be allowed

anuj rathi (bcom) (275 Points)
Replied 30 June 2017

in gst u also take credit of 60% of cgst part..thats 60% of 6% credit is available for your stock
if u have exxisbale goods than 100% credit is allowed

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 30 June 2017

Pl refer for details:

https://www.cbec.gov.in/resources//htdocs-cbec/gst/eflier-transition-provisions14062017.pdf