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
You wil get credit on 12 % wt you paid.So its not loss.
You are taking ITC on stock on Hand on 30 th June.
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
