Itc on stock

This query is : Resolved

samkasvala (Querist)
Follow

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)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

K.M. AGGARWAL

C G K MURTHY

Ishwar Radhakisan Tawani

Vinod Dharwarkar

manojkumarkk

Subscribe Now

Itc on stock

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Article Assistant

CA Final

GST CONSULTANT

Accountant

Manager- Finance and Compliance