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Gst-input tax credit

ITC / Input 301 views 6 replies

I'm wholesaler of pulses,flour, rice and etc. 

my products were exempt in VAT but now it has been taxed at 5%(branded). So how much input tax credit I have to take? What are the procedures for it? How it will work? Please guide on the above. 

Please guide. 

Thanks. 

Replies (6)

No ITC will be available to you as you have not paid any tax on purchase of them because they were exempt.

Okay. Thanks. Do I have to prepare a statement of closing stock as on 30/06/2017?
No such requirement
Okay. Now after studying few things about GST on my products I came to know that I have few products exempt and on few things I have 5% then for a particular customer I have to issue two bills namely one for taxable products and another one for exempted products? Or one bill is sufficient ? In both cases whether the person is registered and unregistered?

Seprate bills will be issued. but 2nd part not clear, who the  person you are talking about 

Customer A buys from me taxable and exempt goods both. First case: he is registered and second case he in unregistered. So for both the cases I have to isse two bills? One for exempted goods and second bill for taxable goods?


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