process of calculation of excise duty in closing stocks
This query is : Resolved
21 June 2017
x a dealer in lubricant have closing stock of rs100 as on appointed day, the stock carries excise duty of 14% and stock is fully supported with excisable invoice. my query is whether closing stock @14% will be allowed in GST or Will be limited to the extent of 9% CGST assuming GST rate of 18% in lubricant
VIPIN GUPTA
(Expert)
21 June 2017
You will be allowed to take 14
VIPIN GUPTA
(Expert)
21 June 2017
You will be allowed whole credit as per section 140 transactional provision. It only talk of eligibility of input tax in current regime and GST act it does not talk of rate difference
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