Utilization of credit
This query is : Resolved
10 June 2017
A person is having VAT credit of rs.8 lakh.he is engaged in trading business.
Also he provides service by way of renting of immovable property but not registered under service tax till date due to value of taxable service not exceeding 9 lakh each year.
Whether he can get such credit utilized in gst. What is the procedure?
If yes where he can utilize as per his both business.?
Reply asap
Also he provides service by way of renting of immovable property but not registered under service tax till date due to value of taxable service not exceeding 9 lakh each year.
Whether he can get such credit utilized in gst. What is the procedure?
If yes where he can utilize as per his both business.?
Reply asap
10 June 2017
1 Yes such credit can be utilized in GST. Closing balance of VAT credit must show in the last return filed by the taxpayer. Also that it should be eligible as input tax credit under the new GST.
2 It can be utilized for both business under GST.
2 It can be utilized for both business under GST.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- STCG FOR GOLD ETFs
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
