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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
Replies (37)
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...!)
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...!)
if no Ed in the bill I have to pay from my pocket for the whole 10 lakh
pls Raja sir clarify me
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....?
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....?
yes I get without ED in bill only vat because I am retailer for royal Enfield spare parts and I purchased through distributor
so now I can't get input cgst claims
in trans1
After filing TRAN form then the ITC shown in SGST head only...
so I lost my cost ok
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.
you would not have lost your cost as the cgst and sgst charged by you will be paid by your purchaser
I am asking about my closing stock cost
means selling price
means I have to reduce my selling price by 14% for cgst after 30th June
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