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treatment of prior stock under existing vat rate

Shrish Sharma (2 Points)

29 May 2017

what would be the treatment of good lying in stock upto June 2017.

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Prity Agarwal (CHARTERED ACCOUNTANT) (363 Points)
Replied 29 May 2017

A registered person who was take liable to take ITC of VAT shall continue to take credit of the goods lying in stock upto June 2017 under the GST regime.

However, if a person who was not liable to take registration under the existing law but shall take registartion under the GST law, may take ITC on goods lying on stock as on June 2017 (not older than 12 months). This condition shall prevail only if he holds the invoice.