dear dhiraj if u r a m/f or service provider then not , otherwise Yes
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40% and 60% credit concept
Replies (47)
dear dhiraj if u r a m/f or service provider then not , otherwise Yes
Dear ram u r already getting credit since u r register under service tax. u are covered under other section 140(1). not under 140(3)
Hi, 40% credit only for traders. And its only for next six months after GST effective. If you will not sell your stock then you will have to pay GST.
Dear Sir,
Assuming we have all docs for full input tax credit, Should we clear/sell all existing stock upto june 30th, before December 2017 (6 months) to avail input credit?
thank you
it depends upon ur sale. if u can carry forward then y to worry,
Dear sir/madam,
so, no time limit to clear stock on hand as on June 30th in GST ?!
I read 6 months given to clear the stocks.
thanks
You must read section 31, 32,33,34,35,36 and also read invoice gst rule Gst counseling commety has finalised invoices rule. And accounts and records has drafted by gst counselling commty. But yet not finalised. You can read on website www.cbec.gov.in
before we will supplied our goods after gst, what we have to fill transition form-1 first ?
no ram kr , trans-1 have to be file within 90 days i.e. 29-..09.2017. u can made supply even without this.
if so then how we will get 40% credit on CGST supply
after filling trans -1 form, nd status of stock on monthly basis for 6 month in Tran-2 form. u will get credit on filling of both. but do your sale side by side. for more clarification see my blog, point -3 https://www.gstsoln.com/all-about-transitional-provisions-us-140-compiled-with-relevant-rules-in-general-language-from-business-point/
It means we can file trans-1 along with sale daily basis or monthly basis.
yes ram , do ur sale & file trans-1 form once within 90 days & trans-2 on monthly basis.
Moreover, in regard to my earlier query, whether a consignment agent of a mfg co. take 100% credit on stock held on appointed day. He is selling the goods on commission basis and registerd in service tax and sales tax not in cental excise.
@ preeti ji, Still you have not replied my above mention query.
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