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Gst transition provisions
if a Trader who is registered under VAT but not in Central Excise having Stock of ₹ 1,00,000 on which Excise duty of ₹ 12,500 was charged separately by the manufacturer whether he would be eligible for ITC on the stock of ₹ 112500 held by him on the appointed day ?
Replies (7)
yes meera on full amount 12500, he will get itc to carry forward.
Yes take Credit of Full amount if Tax payable document available otherwise take 60%
if he is not eligible to claim under excise law then I think he won't be able to take ITC under GST
only trader can take credit of input of excise duty of closing stock? or manufacture also?
he need to do stock revalution on 30th june
Sallash m/f would already carry forward the excise credit by filing his return under excise
@ preeti but party is not registered in excise
only registered in vat
and party does not have excise paid bill
but item is excisable
he can claim 40% input on closing stock or not?
only registered in vat
and party does not have excise paid bill
but item is excisable
he can claim 40% input on closing stock or not?
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