12 August 2017
hello,
I am a trader of Grey Fabrics (Textile Fabrics).
I was not registered under VAT/Excise and other law.
I have my fabric stock of RS. 25,00,000/- as on 30.06.2017.
how can I claim I.T.C. on same ?
12 August 2017
Earlier fabric was exempt from Tax. Now in GST it is taxable. You cannot claim ITC on fabric stock as on 30.6.17 as the product was exempt in vat regime
CAclubindia
