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input tax credit

07 July 2017

earlier my product was liable for 5 % vat now under gst it is chargable @ 12% so it will a loss for me naa

and in case of sgst and cgst chargeable on invoice input tax credit is available for both

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5 Replies

Vineeth PN (Account Assistant) (687 Points)
Replied 07 July 2017

You wil get credit on 12 % wt you paid.So its not loss.

Soumya Agrawal (28 Points)
Replied 07 July 2017

stock available on 30 th june will be sold at 12% in futher so it will not result in loss ?

Vineeth PN (Account Assistant) (687 Points)
Replied 07 July 2017

You are taking ITC on stock on Hand on 30 th June.

Soumya Agrawal (28 Points)
Replied 07 July 2017

yes I.e stock available is of vat 5% will be sold at gst of 12% the difference of 7% will result in a loss

Vineeth PN (Account Assistant) (687 Points)
Replied 07 July 2017

Just check & contact with your auditor for taking Excise duty part also. you are eligible for taking credit cenvat on stock on hand.with Excise documents you are eligible to take 100% of excise duty on stock on hand.without Excidse documents you are eligible 40 % of excise on stock on your hand.