Transitional credit
This query is : Open
17 November 2017
Earlier we Manufacturers with less than 1.5 Crores turnover were exempted from Excise Duty Registration but were covered under State Vat. Now we are covered in Regular GST.How can we take Transitional credit of stocks on which excise duty was collected by suppliers in invoices ?We have already taken State VAT credit of such stocks before 1/7/17.
18 November 2017
You have to fill TRAN-1 giving details of stock & then credit will be automatically transferred to your crefit ledger.
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