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
Menu
input tax credit
Replies (5)
You wil get credit on 12 % wt you paid.So its not loss.
stock available on 30 th june will be sold at 12% in futher so it will not result in loss ?
You are taking ITC on stock on Hand on 30 th June.
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
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.
Recent Threads
- Returning the shares gifted by daughter?
- Gst tax rate
- Accounting of Govt Grant in aid-Assam Tea Estate
- Utilizing Capital gains in new home construction
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
Related Threads
CAclubindia
