I am a trader in Delhi registered with DVAT but not with Central Excise & buying material from Gujarat. If my basic cost is Rs.100/- on which Central Excise of Rs.12.50 is paid and CST of Rs. 2.25/- is paid @ 2%, then what credit adjustable against CGST, will I get at the time of switch over to GST. In fairness, since Central Government has received excise duty of Rs.12.50, this should be allowed to be adjusted against CGST liability when this material gets sold under GST and Rs.2.25 paid against CST should be adjustable against SGST. Please share provision under GST for this eventuality.
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Gst - input credit on stock held on the date of switch-over
Replies (4)
Yes Sir, you will get credit of the taxes already paid as CGST Cr. but yous should have proper document proof of the same (like tax invoice)
No, As you are not registered under Central Excise Act, you can not show cenvat credit in last excise return.
Sir, I have all the documents like Triplicate copies of Excise Invoice issued by my suppliers but I am not registered with Central Excise Deptt. Moreover, I don't think that I would get credit of CST at all. Even credit for Central Excise may not be 100% of what has already been collected by the Central Government. Please clarify
Dear sir,
There is a provision to take ITC on the excise duty paid stock on transition period..as pointed out you should documentary evidence to substantiate the claim...
Cst paid on the stock may not be available as input credit.
There is provision to take 40% ITC on excise front in the transition rule.
Thank you
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