How to take vat credit on closing stock on 30/06/17 for manufectres

Closing Balance of CENVAT Credit

GST provides that a taxable person shall be entitled to take in their electronic credit ledger the amount of CENVAT Credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished under the current tax regime.

The credit of the amount of Value Added Tax and Entry Tax carried forward in the return relating to the period ending with the day immediately preceding the appointed day, will be applicable for returns filed not more than 90 days before the said date, furnished under the current tax regime.

CENVAT Credit can be related to inputs, input services or capital goods. Balance shown in the return furnished under current tax regime will be opening balance in electronic tax ledger under GST to be known as CGST (Central goods and Services Tax) or SGST (State goods and Services Tax).

It is pertinent to note that the credit of input tax will be available under GST only on fulfilment of the following conditions:

1. The CENVAT Credit must qualify as an amount admissible as input tax credit under both the tax regimes
2. The CENVAT Credit must have been reflected as input credit carried forward in the return filed for the last period under existing law

THANKS,

Mr.Dhirajlal Rambhia for your valuable guidence.

THANKS,

Mr.Dhirajlal Rambhia for your valuable guidence.

My Pleasure..