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closing stock itc detail

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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
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 June 2017 https://blogs.tallysolutions.com/input-credit-closing-stock-gst-transition/

follow the link
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manoj anandan

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manoj anandan (Querist)
29 June 2017 is this irrespective of whether exice has been paid or not paid
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 June 2017 the question of excise is for manufacturer and vat is for trader...ok?
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manoj anandan

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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
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 June 2017 that depends upon the rate of VAT...... 60/40 is for 18% and above
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manoj anandan

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manoj anandan (Querist)
29 June 2017 yeah.that I know. thank u very much for the clarification
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manoj anandan

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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
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 June 2017 ok. you are most welcome.
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manoj anandan

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manoj anandan (Querist)
29 June 2017 can u also comment abt the cess
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Amol S Joglekar

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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
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