closing stocks

sir,

VAT on closing stock will become opening Tax credit as SGST

And 60% of the Central component i.e 14% on the stock in hand as on 30 june will be available as CGST,

stock in hand will be required to be sold in 6 months and 
each month stock details will be required to be filed so that 60% exemption can be available

CA Shubham Gupta

9968983550

Sir, My question is related to the one asked.

We buy batteries directly from manufacturer Exide Industries. Exide has a branch in my state so all invoices are intra state.

The purchase invoices dont mention the excise part. Just the Input Vat. We know that 12.5% excise is included in that price. As you mention the VAT part is 100% transferrable to SGST.

What about the Excise duty? Current GST rate on batteries is 28%, so can we claim 60% on Excise duty?

sir,

as u said 28% is GST rate on  your item, so 14% is CGST and 14% is SGST,
so u can claim 60% of CGST component that falls on your closing stock.

 

Sir,

Thank you for reply. I am still a little consfused. So let's discuss it in figures.

Supposedly I have 1 pc item as closing stock on 30-June-2017.

Invoice for that item is:

Item: Battery

Qty: 1

Basic: ₹120

VAT (14.5%): ₹17.40

Net Bill Value: ₹137.40

Can you help me figure out the eligible input. Tha basic mount includes the excise duty of 12.5% .

SGST = ?

CGST = ?

SGST = 17.40 CGST = 120*14%(CGST Component)*60%=10.08 Rs