Closing stock

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Mayur`

90 Points Joined February 2013

A mobile retailer not having registration before is getting registered in gst as new dealer as the registration start.
Q1. Will he get the input tax he paid on stock he is holding on date of registration
Q2. Some of the mobile he is holding in stock is purchased before 12 months will he get input of those stock
Q3. If answer for 1 is yes what is the procedure to get the credit of the same stock

Replies (4)

CA Aditya Goenka

CA Practice

174 Points Joined June 2017

Yes he will get input credit for stock in hand as on 30th june 2017, if you have a vat bill you can claim that input if you have not transfered that vat obligation to your customer. Plus you can claim 40% of cgst(applicable to you)as input. 2) no you cannot claim input of stock which is there with you for more than 12months 3) you have to file a return within 60 days from 1st july stating the stock you have,from whom it was purchased and when it was purchased and at what rate and amount