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Closing Stock as on 30-06-2017
Please clear us how ITC will adjusted on closing stock as on 30-06-2017, we already utilize itc on same stock on VAT, than in GST can we avail this ITC.
Replies (8)
u can take credit of those stock which are old till than 12 month n u have documents for this
also its is pass through
also its is pass through
no u can't take ITC if u have already availed
No VAT ITC will be carried forward in GST. If your goods are taxable under central excise then you can get CGST ITC on your stock as on 30-06-2017.
Only unavailed ITC can be claimed in GST. In your case since you have adjusted ITC against VAT liability the same cannot be carried forward to GST.
what about in composite scheme? in composite scheme we cant take ITC but what are the rules for old stock in composite scheme
in GST also you can't claim ITC under Composite Scheme even if it is old stock.
yes. i know we cant take ITC but is there any other rules for old stock for composite scheme
as of now there is no rule.
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