closing stock itc detail
This query is : Resolved
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
29 June 2017
https://blogs.tallysolutions.com/input-credit-closing-stock-gst-transition/
follow the link
follow the link
29 June 2017
is this irrespective of whether exice has been paid or not paid
29 June 2017
the question of excise is for manufacturer and vat is for trader...ok?
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
29 June 2017
that depends upon the rate of VAT...... 60/40 is for 18% and above
29 June 2017
yeah.that I know. thank u very much for the clarification
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
29 June 2017
ok. you are most welcome.
29 June 2017
can u also comment abt the cess
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- GST ISSUE OF INPUT AND OUTPUT GST
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- 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
