closing stock itc detail
This query is : Resolved
manoj anandan
(Querist)
29 June 2017
I am a registered vat wholesaler I don't have any proof of exceise duty paid and I don't even know whether the product has excise duty or not. bcoz I buy only from local state and only vat is mentioned in my invoice. am I eligible for claiming credit(ie 60,40 for the respective stock) on the cgst which I pay
Amol S Joglekar
(Expert)
29 June 2017
https://blogs.tallysolutions.com/input-credit-closing-stock-gst-transition/
follow the link
follow the link
manoj anandan
(Querist)
29 June 2017
is this irrespective of whether exice has been paid or not paid
Amol S Joglekar
(Expert)
29 June 2017
the question of excise is for manufacturer and vat is for trader...ok?
manoj anandan
(Querist)
29 June 2017
ok. so I am a vat wholesaler so 60or 40% of cgst I pay for the closing stock will be given by the government am I rite
Amol S Joglekar
(Expert)
29 June 2017
that depends upon the rate of VAT...... 60/40 is for 18% and above
manoj anandan
(Querist)
29 June 2017
yeah.that I know. thank u very much for the clarification
manoj anandan
(Querist)
29 June 2017
btw the compensation cess mentioned by the government is it applicable at all level of trade or only at the manufacturing point
Amol S Joglekar
(Expert)
29 June 2017
ok. you are most welcome.
manoj anandan
(Querist)
29 June 2017
can u also comment abt the cess
Amol S Joglekar
(Expert)
29 June 2017
go through the link for the cess
https://www.thehindubusinessline.com/multimedia/archive/03166/GST-compensation-c_3166108a.pdf
https://www.thehindubusinessline.com/multimedia/archive/03166/GST-compensation-c_3166108a.pdf
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- Capital Gains Tax on Inherited Mutual Fund
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Form 144 TDS Return Validation Error – Mandatory Fields
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
