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GST for retail pharamacy stores
If I am a retail pharmasist opted for compounding under the VAT law and on transition to GST I am registered under GST. Will I get ITC on stocks held on 30 June?( under compoufing no ITC is available under VAT law)
Replies (2)
As per Sec-140, A registered person shall be entitled to take, in his electonic credit ledger, the amount of CENVAT credit carried forward in the return relating the period ending with the day immediately preceding the appointed day, subject to necessary duty paying documents are available. If no such document is available then 60-40 & 30-20 rule will apply.
Further if you registered under sec-10(Composition scheme) in new tax regime,i,e., GST, then no ITC on stcok is eligible.
Sir , thank you for the clarification.
I wanted to know whether if I had opted under Compounding under the VAT laws and on transition to GST I am a regular tax payer
(Without opting for compunding under section 10 of GST Act)
Will I get credit for stock in hand on 30th June?
I wanted to know whether if I had opted under Compounding under the VAT laws and on transition to GST I am a regular tax payer
(Without opting for compunding under section 10 of GST Act)
Will I get credit for stock in hand on 30th June?
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