Input tax credit on closing stock
This query is : Resolved
Dilip Kumar Nazwani
(Querist)
23 October 2017
I was registered as a composition dealer before GST, but after GST I have opted for gst regular scheme. Can I claim input tax credit on closing stock lying with me on 30.06.17 ?
Please guide.
Thanks,
Dilip
Please guide.
Thanks,
Dilip
CA Rohit Sinha
(Expert)
24 October 2017
You will be eligible to claim credit on stock lying if following conditions satisfied-
1) duty / tax paying documents of such stock should be available with you.
2) Such document should not be issued before 01/07/2016.
3)Such input should be used for making taxable supply in GST
1) duty / tax paying documents of such stock should be available with you.
2) Such document should not be issued before 01/07/2016.
3)Such input should be used for making taxable supply in GST
Dilip Kumar Nazwani
(Querist)
24 October 2017
How much input credit can I claim if I had products taxable @ 14.50 % before gst.
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