GST for Old stock
This query is : Open
27 May 2017
Please explain or share regarding the OLD stock after implement of GST.
27 May 2017
Under GST, input tax credit of eligible duties and taxes held in stock and input w.r.t. semi-finished goods and finished goods will be available to eligible taxpayers on the fulfillment of certain conditions:-
Under the current tax regime, input tax credit is not allowed which leads to increased prices of goods or services. Under GST, the credit of such input taxes or duties will be allowed will lead to decreased prices of such goods or services. This benefit must be passed to the recipients of such goods or services through reduced prices
The taxable person must be eligible for such input tax credit under GST
Taxable person must be in possession of invoice and/ or other documents evidencing payment of duty under current law
The date of invoice and/ or other documents must be issued is within 12 months from the date of transition to GST i.e. appointed date.
See also the link.
https://economictimes.indiatimes.com/news/economy/policy/companies-can-avail-up-to-40-per-cent-gst-credit-for-excise-already-paid-on-stocks/articleshow/57980821.cms
Under the current tax regime, input tax credit is not allowed which leads to increased prices of goods or services. Under GST, the credit of such input taxes or duties will be allowed will lead to decreased prices of such goods or services. This benefit must be passed to the recipients of such goods or services through reduced prices
The taxable person must be eligible for such input tax credit under GST
Taxable person must be in possession of invoice and/ or other documents evidencing payment of duty under current law
The date of invoice and/ or other documents must be issued is within 12 months from the date of transition to GST i.e. appointed date.
See also the link.
https://economictimes.indiatimes.com/news/economy/policy/companies-can-avail-up-to-40-per-cent-gst-credit-for-excise-already-paid-on-stocks/articleshow/57980821.cms
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