Input credit on stock as on 1st july-17
This query is : Resolved
PRANAY JAIN
(Querist)
28 March 2017
How would input credit on stock calculated on stock as on 1st July-17.
1. If my stock as on 1st July was purchased directly from manufacturer.(with Excise showing in invoice)
2. If my stock as on 1st July was purchased from dealer within the state.
1. If my stock as on 1st July was purchased directly from manufacturer.(with Excise showing in invoice)
2. If my stock as on 1st July was purchased from dealer within the state.
30 March 2017
In both the cases, input credit can be taken under one head.
PRANAY JAIN
(Querist)
30 March 2017
Is their any methodology for calculating the same in GST Law, please share the same.
30 March 2017
You can refer to Chapter 5 - Input Tax Credit of GST Law (Revised)
CA Nikhil Jhanwar
(Expert)
31 March 2017
Whatever, Tax is shown in your invoice in respect of Inputs in Stock, that will be your credit amount which you can avail in GST regime.
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