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Input Tax Credit
if a person doing a business purchased goods by paying vat on that good before 30th June but he sells his good after 30th June . Should he able to get the input tax credit ?
Replies (5)
Yes he will get credit.
At what point of time ?
we are a manufacturing firm and we want to export goods to Nepal.what will be the complete procedure for the same.
Provided he has purchase bills are available.
If your pourchase invoice is excicse invoice, pass on the ED+VAT portion to your buyer.
If you are trader, identify your product's GST rate today and if it is <=5% take 40% & 60% if >-18% as ED credit and pass on to buyer.
Correct me if I am wrong
Fill your stock details in TRANS 1 to avail ITC
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