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Excise credit
Can a trader or wholeseller or distributor who is not registered under the existing Excise Rule take the 100% credit of excise on excise invoice they have. Also requesting to explain the matter.
Replies (4)
if you are not registered under excise.
you cannot claim credit
you cannot file returns
excise invoice received shall be a cost to the Trader/Manufacturer
| Originally posted by : VENKATESH M | ||
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if you are not registered under excise. you cannot claim credit you cannot file returns excise invoice received shall be a cost to the Trader/Manufacturer |
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Under transition provision of GST act. Trader can avail credit of VAT/Excise payable even if not having documentory evidence.
However, credit can be availed as follows:
Duty rate is < 9% = 60% of credit
Duty rate is >9% = 40% of credit.
[for only those who are not required to register under old Law but now has to register it self and credit allowed on stocks which is held as on 01.07.2017]
he has not mentioned under GST i replied under existing rules
thank you very much for response, I am asking the same in the area of GST
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