Dear Friends,
Please advise on the following:-
A Trader registered under the VAT Regime. He Imports goods also and pay Custom Duty, CVD and Cess. He charges all Custom Duty [Including CVD] to P& L Account Since He can't set off CVD againts VAT Output Liability.
In Jul-2017, He had some closing stock on which Custom Duty, CVD etc. already paid. He filed TRAN-1 under GST in which he claimed Credit of CVD on closing stock and set off GST Liability against this Credit.
Now my query is - What Journal is to be passed in Books for claiming credit under TRAN-1 ?
CAclubindia
