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Exempted goods in transition to GST taxable
If I have closing stock of exempted goods as on 30/6/17 then after 1/7/17 the goods are taxable.. Under such circumstances will I have to pay tax on closing stock and then claim itc or I just will not have itc and when sold collect tax and pay
Replies (6)
Refer Transition provision section 140.
Transition provision only talks about current tax credit to be carried forward
So currently there is no tax credit on exempted goods so there will be no carry forward of credit correct me if I am wrong
You can take credit as per the provision. Read whole section thoroughly.
If there are no taxes currently charged on such goods there will be jo credit. Section 140(3) only talks about duty paid goods lying in stock with an unregistered person or a manufacturer of exempted goods or provider of exempted services who shall become a registered taxable person under GST.
👍thank you
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