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I.T.C.

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(Querist)
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 ?
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CA. Vinodh Kothari

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CA. Vinodh Kothari (Expert)
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
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HOSHANG

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HOSHANG (Querist)
12 August 2017 thank u sir.
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