itc on closing stock
This query is : Open
29 June 2017
Plz help , m i corect?
I am importing goods for resale paying custom duty (cvd+sad)
I have 50lakh stock unsold as of today.
Out of which 30lakh is imported in last 6months
10lakh old stock of more den 12months
10lkah worth stock i purchaed from other loca importers in last 3months
So
On 30lakh import goods (100% itc ) all duty docs avlbl
On 10lakh local purchs (40-60% itc)
On 10lakh old stock (no itc)
Am i correct?
Amol S Joglekar
(Expert)
29 June 2017
yes, you will get the ITC......
02 July 2017
sir
the import duty credit will be available as cgst and local vat purcgase input credit will be available as sgst
my items are under 18,%
so the max input credit i will be getting is 9% of cgst for sa
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