Input tax credit of previous vat law
This query is : Resolved
01 September 2017
Dear sir one of entity have itc of cess of coal, and entity is retailer of coal and their has old stock of coal and some amount of credit available of cess which is charge Rs.400 per ton on coal. My query is that the cess itc can be availed on gst return through trans 1.
01 September 2017
No, balance of cess can not be availed as itc, in fact it was never cenvatable
01 September 2017
Ok sir, so cess charged on sales made on gst act after 01.07.2017. Than itc of purchase cess can be availed as itc or not
01 September 2017
No, there is no ITC on cess
01 September 2017
Than cess charged on sale is paid to givernment and cess paid on purchase of coal is debited to p& l account
01 September 2017
Absolutely correct, cess is expense for you
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