Input tax credit on closing stock as on30.06.2017
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 December 2017
A proprietorship firm had vat payable as on 30.06.2017 i.e. he had availed all the input tax credit in month of june. now is there any input credit available to him on the closing stock of june. if yes, whether of excise duty only. how to calculate the credit. please explain the procedure
21 December 2017
Yes, input credit of eligible duties (including excise duty) is available on closing stock of june if goods available in stock are excisable goods.
Credit will depend on following situations:
1. If duty paid invoices are available - Full credit of Duty paid on stock can be claimed by filing Form TRAN 1.
2. If duty paid invoices are not available - Credit of 60% or 40% of CGST on sale (depending on rate of output GST) will be available and can be claimed by filing Form TRAN 1 & Form TRAN 2.
Credit will depend on following situations:
1. If duty paid invoices are available - Full credit of Duty paid on stock can be claimed by filing Form TRAN 1.
2. If duty paid invoices are not available - Credit of 60% or 40% of CGST on sale (depending on rate of output GST) will be available and can be claimed by filing Form TRAN 1 & Form TRAN 2.
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