Existing vat credit set off against gst

Mayank,

One will get CGST 40% back credit subject to filing of appropriate returns for claiming the same.

that will compensate to some extent for excise.

Benefit for 6 Months only

Tomorrow it will be confirmed if 40% refund limit is raised.

When you pay Central Tax CGST, You will get refund of this tax (this was being discussed in todays meeting but actual details will come after some time).

Note the refund will be available on payment (of gst on goods) and not on the base of invoice.

further note that i am talking about 28%-14.5%=13.5%