Old stock
This query is : Resolved
23 June 2017
RESPECTED SIR
UNREGISTARED TRADER IN EXCISTING LAW BUT NOW REGISTARED IN GST LAW HOW HE SALE OF HIS OLD STOCK AFTER REGISTER IN GST LAW? IN GST PRICE AND HE SUFFERED LOSS I.E. COST PRICE +GST EXCLUDING VAT EXCISE ETC? PLEASE ADVICE THANKS...............................
UNREGISTARED TRADER IN EXCISTING LAW BUT NOW REGISTARED IN GST LAW HOW HE SALE OF HIS OLD STOCK AFTER REGISTER IN GST LAW? IN GST PRICE AND HE SUFFERED LOSS I.E. COST PRICE +GST EXCLUDING VAT EXCISE ETC? PLEASE ADVICE THANKS...............................
CA R SEETHARAMAN
(Expert)
23 June 2017
Input tax credit on stock held can be taken based on invoice for purchase.
23 June 2017
RESPECTED SIR
HOW CAN HE TAKE BENIFIT OF ITC IN OLD STOCK BASED ON INVOICE BECAUSE HE IS A UNREIGTARED TRADER IN EXISTING LAW? PLEASE CLEAR TO ME THANKS........
HOW CAN HE TAKE BENIFIT OF ITC IN OLD STOCK BASED ON INVOICE BECAUSE HE IS A UNREIGTARED TRADER IN EXISTING LAW? PLEASE CLEAR TO ME THANKS........
CA R SEETHARAMAN
(Expert)
24 June 2017
It doesn't matter. He is registered dealer now so he has to pay GST hence ITC is allowed on stock held.
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