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Stock in hand on 30/06/2017

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2017 I HAVE BUSINESS OF KRISHI UPAJ MANDI TRADING OF AANAJ AND STOCK IN HAND 30/06/2017 AMOUNT OF RS 20 LACS WHICH IS TAXABLE @ 3% IN VAT BUT AFTER APPLICABLE OF GST TAX RATE CHANGES BY 5% THAN HOW TO TAKE CREDIT ON THAT STOCK AND ADJUSTMENT ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 August 2017 To take credit on stock.
Eqvery registered person entitled to take credit of input tax under section 140 shall, within
ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-
1, duly signed, on the Common Portal specifying therein, separately, the amount of input tax
credit to which he is entitled under the provisions of the said section:
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2017 dear sir, i agree with u but tax rate has been changed by 3 % to 5% than what treatment in gst
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 August 2017 Take credit of whatever tax is paid and charge applicable GST on sales.
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