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
CA R SEETHARAMAN
(Expert)
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.
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