Input credit on fabric

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Dear sir, 

 

Please clarify Im a textile businessman , I have a stock of Rs 20 lacs as on 1 July 2017 , I have not paid any VAT or Excise on the said stock but paid Entry tax on the same , Out of this 20 lacs stock Rs 5 lac is a dead stock carried from previous year ,

 

Clarification  required : will I be eligible for Input credit on the said stock as I have paid Entry tax , if yes whether 40% will be allowed or 100% credit will be allow

Replies (1)

Pl refer brochure:

https://www.cbec.gov.in/resources//htdocs-cbec/gst/input-tax-credit-mechanism-onlineversion-07june2017.pdf

 


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