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Closing stock

Others 264 views 1 replies

We are a SSI Manufacturing Unit in West Bengal  Not holding any Service Tax Number, Excise Number, only Carry VAT, CST,P.Tax,ESI,PF etc. Number. We always VAT,CST Paid not Carry Forrward in any month ,Last Month June,2017 We also paid VAT 80173.00,CST 15020.00. 

Now my Question is 

1) What is the process to MIGRATE/TRANSFER  CLOSING STOCK as on 30/06/2017 from   VAT to GST .

2) It is Compulsary for our unit .

3) Which is the time limit in GST Website for STOCK Transfer VAT to GST  & Process also clarify

 

Replies (1)

If there is no ITC available in your last VAT return then there is no ITC claim for SGST. 

However, you are elligible for ITC for CGST on the value of closing stock as on 30.06.2017. The calculation would be as follows;

60% for the cases which attracts 9% CGST in all other case 40%

 

Time limit for claim is 90 days from 01.07.2017.

 

You need to fill the form TRAN-1 with HSN code.

 

 

 


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