ITC on closing stock
This query is : Resolved
03 June 2017
dear experts,
we are manufacturer of footwears and after today's GST meeting , GST is 5% on footwear below 500 is declared.
sir, my query is that can we avail full ITC on closing stock will be lying as on 30th June. And in future, shall we claim all our ITC.
Please advise
Rakesh Sharma
04 June 2017
ITC on closing stock can be claimed only if your are already registered either under VAT/Central Excise/ Service Tax. Only unclaimed portion of ITC can be claimed upto the value of ITC mentioned in your Purchase Invoice subject to condition that the invoice should not be more than 12 Months old before the date of appointment of GST. If you do not have duty value in invoice then you can claim 40% as ITC on your Closing Stock.
VK
VK
Message likes :
1 times
04 June 2017
sir, we are exempted to pay vat/CST in existing law. so can we claim all our ITC on closing stock as we have all duty paid documents.
sir, in GST act we shall purchase on different rate of Tax i.e it's may be 5, 18. but our footwear value will be less than 500. can we avail all different rate ITC.
04 June 2017
we have exempted in excise
04 June 2017
sir, I am talking about only sales tax
04 June 2017
please advise sir
05 June 2017
Please follow transitional rules for availing ITC in GST regime. In case you have details of taxes paid, credit not obtained prior to GST which otherwise could have been obtained if assessee was a registered assessee, credit can be taken against GST payable. In case you don't have details in that case also 40% credit is possible against GST payable.
You are advised to refer GST transitional provisions.
You are advised to refer GST transitional provisions.
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