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Business and tax consultant
3299 Points Posted on 03 October 2017
hello experts I am doing retail business of royal Enfield genuine spare parts. on 30th June 2017 I have closing stock worth of 10lakhs for which I have only vat paid bills @ 14..5% I don't have any ITC carry forward on 30th June. from 1st July I have sold the same in New GST regime upto date all the stocks cleared by me and I have collected both cgst and sgst for 10lakhs 140000 for cgst and the same sgst. my question was whether can I claim the entire cgst by filing trans1 but I have only vat paid bills
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On 03 October 2017 at 16:50 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 04 October 2017
No....
VAT amount concert to SGST only. You ll be adjust the input to SGST & IGST....


( I think your purchase invoices get ED amount...?
If yes you can claim input on the amount...!)
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On 04 October 2017 at 09:24
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Business and tax consultant
3299 Points Posted on 04 October 2017
if no Ed in the bill I have to pay from my pocket for the whole 10 lakh
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On 04 October 2017 at 09:45
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Business and tax consultant
3299 Points Posted on 04 October 2017
pls Raja sir clarify me
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On 04 October 2017 at 09:46
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"Do the Right Thing...!!!"
128152 Points Posted on 04 October 2017
I think yes...


In My View it's collect from customers and pay to govt... How it's from your pocket...?

Also you use your previous ITC as SGST....



But, How is you get the goods without ED....?
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On 04 October 2017 at 09:50
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Business and tax consultant
3299 Points Posted on 04 October 2017
yes I get without ED in bill only vat because I am retailer for royal Enfield spare parts and I purchased through distributor
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On 04 October 2017 at 10:00
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Business and tax consultant
3299 Points Posted on 04 October 2017
so now I can't get input cgst claims
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On 04 October 2017 at 10:33
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Business and tax consultant
3299 Points Posted on 04 October 2017
in trans1
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On 04 October 2017 at 10:34
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"Do the Right Thing...!!!"
128152 Points Posted on 04 October 2017
After filing TRAN form then the ITC shown in SGST head only...
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On 04 October 2017 at 10:47
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Business and tax consultant
3299 Points Posted on 04 October 2017
so I lost my cost ok
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On 04 October 2017 at 10:58
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Director of S S Associates
968 Points Posted on 04 October 2017
Once once you find your tran 1 mentioning your VAT credit, it will get reflected in sgst of your credit ledger. Further, you cannot adjust sgst ITC against cgst payment.
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On 04 October 2017 at 10:59
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Director of S S Associates
968 Points Posted on 04 October 2017
you would not have lost your cost as the cgst and sgst charged by you will be paid by your purchaser
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On 04 October 2017 at 11:00
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Business and tax consultant
3299 Points Posted on 04 October 2017
I am asking about my closing stock cost
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On 04 October 2017 at 11:01
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Business and tax consultant
3299 Points Posted on 04 October 2017
means selling price
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On 04 October 2017 at 11:05
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Business and tax consultant
3299 Points Posted on 04 October 2017
means I have to reduce my selling price by 14% for cgst after 30th June
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On 04 October 2017 at 11:06


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