Input tax credit on closing stock
This query is : Resolved
Akhil Mittal
(Querist)
07 June 2017
Can a RP who is a manufacturer avail input tax credit as deemed credit on closing stock as on appointed date @ 40%or60% as the case may be if he does not has excise paid bills.
Suresh Mittal
(Expert)
08 June 2017
No. Proviso to Sec 140(3) is not applicable to manufacturers.
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