B.Com
25 Points
Posted on 12 September 2017
I purchase some vehicles (for goods transportation) and also some machineries for manufacturing goods and also capitalized them in my books of account in-between 01.07.2016 to 30.06.2017 But due to the clause that only direct manufacturing ITC can availed in VAT, I cannot enjoy the ITC ON above Capital goods. Now in one of GST awareness program held in my district I got to know that if I have proper bills of the above item also for the above period I can also claim the ITC 100% even if I paid some excise duty I can also claim that. But when I am going to fill up the "TRANS-1" in the sec 6(a) and 6 (b) there is a column "Total eligible CENVAT credit under existing law" if I put the amount in this column only then the figure comes into the last "ADMISSIBLE" column. But in existing law there is no any ITC I have in my hand, then where I put all my CAPITAL based ITC ??? I am confused because two word one is "ELIGIBLE" and "EXISTING LAW"...Please solve my problem !!!!