Vat credit to be carried forward under gst
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2017
I am textile manufacturer and exempt under VAT. However I have input tax credit of vat paid on purchase of yarn of Rs 2 lacs during last year and i have shown them as ITC under vat return.
Now my question is can I carry forward this ITC under GST ? This ITC is for manufacture of exempt product under VAT but in GST the same is taxable @ 5%.
Please clarify if anyone can. Thanks in advance
Now my question is can I carry forward this ITC under GST ? This ITC is for manufacture of exempt product under VAT but in GST the same is taxable @ 5%.
Please clarify if anyone can. Thanks in advance
27 June 2017
All ITC Carried Forwards To GST but All Purchase Bills available
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