import credit of excise

Sr. no

Eligible Person for CGST law

Eligible duties

1.

who was not liable to be registered under the earlier law

Excise Duty( First schedule of excise)

Special Excise Duty(Second schedule of excise)

CVD

SAD

NCCD

AED

Additional duty of excise(textile & textile articles)

(education cess, secondary higher education cess, krishi kalyan cess are not eligible, service tax)

2.

who was engaged in the manufacture of exempted goods or provision of exempted services

3.

who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012

4.

a first stage dealer

5

a second stage dealer

6.

a registered importer

7

A depot of manufacturer

Sr. No

PreConditions to be fulfilled for CGST credit

1.

inputs and / or goods are used or intended to be used for making taxable supplies under GST Act;

2.

Passes on the benefit of such credit by way of reduced prices to the recipient (Sec 163: Anti Profiteering Measures should be followed)

3.

Eligible for input tax credit on such inputs under this Act.

Whether such Input/ services are eligible for ITC under earlier law or not doesn’t matter.

4.

Possession of invoice and/or other prescribed documents evidencing payment of duty in respect of such inputs;

5.

Above documents shall not be older more than 12 months as on appointed date

6.

Supplier of services is not eligible for any abatement under GST

7.

Govt will prescribe the manner of calculation of credit if condition no 4 is not fulfilled

Sr. No

If condition no 4 not fulfilled, but following these conditions

Amount of ITC

1

Registered person ( Other than Manufacturer & service provider)

- goods were not unconditionally exempt from schedule I of excise & not nil rated

- document of procurement is there

- form Trans -2 for dispose of stock should be file on monthly basis for 6 months

- stock should be easily identifiable by r.p.

-if GST rate on goods is 18% or above then 60%*rate/2*Closing stock value as on 30.06.2017

- if GST rate on goods is less than 18% 0 then 40%*rate/2*Closing stock value as on 30.06.2017

- if IGST is applicable then apply 30%/20% respectively.

GST on stock claiming ITC should be sale within 6 months, only then ITC would be credited to ECL as cash back scheme