Gst-input tax credit

ITC / Input 250 views 6 replies
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14 Points Joined June 2017

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. 

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On 19 June 2017 at 11:22 Report
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Assistant Manager
541 Points Joined April 2009

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

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On 19 June 2017 at 22:59
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14 Points Joined June 2017
Okay. Thanks. Do I have to prepare a statement of closing stock as on 30/06/2017?
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On 20 June 2017 at 10:36
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Assistant Manager
541 Points Joined April 2009
No such requirement
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On 20 June 2017 at 14:25
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14 Points Joined June 2017
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?
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On 20 June 2017 at 16:42
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Assistant Manager
541 Points Joined April 2009

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

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On 20 June 2017 at 19:50
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14 Points Joined June 2017
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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On 20 June 2017 at 19:54


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