please help-unsold stock

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PRASHANT (Querist)
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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

CA R SEETHARAMAN (Expert)
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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.

PRASHANT

PRASHANT (Querist)
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19 June 2017 cloth was exempted in vat ot cst.....i have only purchase bills with no vat and cst effect...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 June 2017 You can't claim any ITC as no VAT paid for purchase.

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