Input tax credit under gst
This query is : Resolved
Himanshu Thacker
(Querist)
26 April 2017
I have following quries(assume implementation of GST on 1st July 2017)(Trader-Not Manufacturer)
1) Suppose I am having stock in hand of Rs.50lacs aprox on 30th June 2017 on which current VAT is 5% but under GST new rates is 18% will I be able to get any exemption in such case?
2) Suppose I am having clossing stock of Rs.50lacs from which 30lacs were purchased from manufacturer who charges Excise duty and CST against C Form on products in Invoice but till now I am not getting Credit on Excise duty and CST against C Form as I was registered under VAT only. But now will I be able to get Credit of Excise duty and CST against C Form on Stock in hand?
Read more at: https://www.caclubindia.com/forum/input-tax-credit-for-stock-in-hand-for-gst-389214.asp
1) Suppose I am having stock in hand of Rs.50lacs aprox on 30th June 2017 on which current VAT is 5% but under GST new rates is 18% will I be able to get any exemption in such case?
2) Suppose I am having clossing stock of Rs.50lacs from which 30lacs were purchased from manufacturer who charges Excise duty and CST against C Form on products in Invoice but till now I am not getting Credit on Excise duty and CST against C Form as I was registered under VAT only. But now will I be able to get Credit of Excise duty and CST against C Form on Stock in hand?
Read more at: https://www.caclubindia.com/forum/input-tax-credit-for-stock-in-hand-for-gst-389214.asp
Guest
Guest
(Expert)
26 April 2017
You can get the credit of excise duty only.
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