Vat input
This query is : Resolved
15 June 2017
Will I get 100% of VAT Input credit in GST?
I am not an excise dealer and dont have any purchase from excise delaers.
15 June 2017
You are asking about input on stock as on 30th June
15 June 2017
yes sir,i am asking about the itc i will have in books as on 30th june.
17 June 2017
Dear Sushil,
If you are registered under VAT Act then you would have filed the return under VAT Law and would have already claim ITC in return and if balance is left in last return will get convert into ITC in GST regime. No question of ITC on transition stock will apply to you if you are VAT register dealer.
If you are registered under VAT Act then you would have filed the return under VAT Law and would have already claim ITC in return and if balance is left in last return will get convert into ITC in GST regime. No question of ITC on transition stock will apply to you if you are VAT register dealer.
Message likes :
2 times
17 June 2017
Thank you Sir Sagar Doshi,finally I got the perfect answer.
Message likes :
1 times
17 June 2017
But in addition to above my comment, since you are not a registered person under excise law, you will never get the CEVNAT Credit of the excised paid on the product you buy. For this you will the ITC if you have excise paid document with you, which will be possible if you purchase goods directly from manufacturer. However if you purchase goods from distributor, then you will get the benefit of the deemed ITC. Please refer my comments on below query
https://www.caclubindia.com/experts/itc-on-stock--2491419.asp
https://www.caclubindia.com/experts/itc-on-stock--2491419.asp
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR selection for salaries and capital gain less than L
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- 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
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
