I am wholesaler of foodgrains, rice etc. my all products were exempt under VAT. I dont know about Excise. Because my products were never taxed. now I need to prepare closing stock statement as on 30,06,2017 so am I liable for input tax credit. I havent paid any taxes on my products as they were exempt but Still there is a confusion. please guide. thanks
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Input tax credit. guide please
Replies (2)
Don't be Confused.
Who is paid Taxes on previous Tax regime they only take ITC on GST. It means you paid any tax on VAT/CST/CENTRAL EXCISE then you ll be get ITC on GST.
But, Your product is also Exempt so don't be confused...
Who is paid Taxes on previous Tax regime they only take ITC on GST. It means you paid any tax on VAT/CST/CENTRAL EXCISE then you ll be get ITC on GST.
But, Your product is also Exempt so don't be confused...
Food grains are exempt unless branded or packed hence you have nothing to worry. There is no question of geeting input tax credit as it was never paid
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