banner_ad

itc on closing stock

This query is : Open 
Profile Image

Profile Image

(Querist)
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?
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
29 June 2017 yes, you will get the ITC......
Profile Image

jikesh

Profile Image

jikesh (Querist)
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
Profile Image

jikesh

Profile Image

jikesh (Querist)
02 July 2017 sale of imported goods. and 5.4% for localy purchased goods
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details