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Excise credit

Jay Kumar Tinker (Assistance) (1 Points)

30 June 2017

Sir, I am a registerd dealer in rajasthan vat but not in excise. we are purchasing goods within raj. only. In our purchasing invoice exercise is 6% & vat is 1% charging. now can we take input credit of exice of remaining stock on 30-6-2017.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 30 June 2017

If you are under GST now, you can take input tax credit of excise duty paid on the stock if you have invoice or other duty paying document with you. You have to submit stock statement -Sec.140(3) of CGST Act & SGST Act.

If you do not have duty paying document with you, you can take input tax credit of 60% of CGST payable if CGST rate is 9% or above and of 40% of CGST if CGST rate is less than 9%. If you pay IGST, credit will be 30% and 20%.

You have to file stock statement in TRAN-1 within 90 days.

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