please help-unsold stock
This query is : Resolved
19 June 2017
I m not registered under any existing law....becose i m in the business of trading of cloth (which was exempted under VAT & CST).....now it is taxable under gst....on today i have stock of Rs.10 lakh....how can i declare dt stock under gst?....can i get ITC on it?....I have purchase bills of the unsold stock....and also tell me wat will happen if i dont have purchase bills....as in income tax i m taking benefit of section 44AD....please reply as its very common problem...thnx in advance
CA R SEETHARAMAN
(Expert)
19 June 2017
If you have purchase bills and paid VAT or central excise you can claim ITC on stock held. ITC can't be claimed without invoice.
19 June 2017
cloth was exempted in vat ot cst.....i have only purchase bills with no vat and cst effect...
CA R SEETHARAMAN
(Expert)
19 June 2017
You can't claim any ITC as no VAT paid for purchase.
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