I m a trader... bought some material from a Manufacturing Company, who is based in Excise free zone.
Now.. I hv heard that thr is a clause which states that traders will get the credit of 60% of CGST or 30% of IGST on sale of items (for which they have bills without Excise). Will this law applicable in my case also.
Menu
GST CREDIT AGAINST NON EXCISABLE GOODS
Replies (6)
Since you have not paid duty. Credit not available.
pls explain why?
let's take another view...
a trader... bought some material from wholeseller, who purchased on excise but sold without mentioning excise
will that trader get the benefit of credit of 60% of CGST or 30% of IGST on sale of items (for which they have bills without Excise).
a trader... bought some material from wholeseller, who purchased on excise but sold without mentioning excise
will that trader get the benefit of credit of 60% of CGST or 30% of IGST on sale of items (for which they have bills without Excise).
true credit will be allowed in this case
in first case credit not allowed. section 140 clearly mentions that there is no document available " evidencing payment of duty
so payment of duty is must. further it also states that goods are not exempt.
Recent Topic
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
Related Topics
CAclubindia
