Itc on stock

This query is : Resolved

samkasvala (Querist)
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16 June 2017 Mr.A ( Manufacturer) has sold goods to Mr. B ( Distributor) , and Mr. B has sold goods to Mr. C ( Dealer) .On 30.06.2016 , Mr. B and Mr. C both has stock . What will be ITC in the hand of Mr. B and Mr. C
Mr. C does not have excise documents , what will be ITC available ? . Also discuss method of computing ITC . Whether ITC will be available under CGST only or CGST and SGST both ?

Sagar Doshi

Sagar Doshi (Expert)
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16 June 2017 Mr. B will get the with respect to the stock whose excise paid document is available with him. Further, if your product fall under GST rate of 18% or above, then for Mr. C, makes Interstate supply, then 60% of IGST can be calim as refund, and 30% of CGST in case of intra state supply. Further if GST rate is less than 18% then benefit will fall around 40% and 20% respectively. Further condition is that, Mr. C will have to reduce the sales price by respective 60% of IGST or 30% of CGST or 40% of IGST or 20% of CGST.

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