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Input tax credit on closing stock
What is the procedure to claim Input tax credit on Closing stock lying as on 30-06-2017 under GST regime?
Replies (4)
all depends on kind of stock, duty paid bills if any, kinds of duties etc.
it varies from case to case
you have to specifically tell what kind of stock u r talking about
be specific explore all the law interpret
if any registered VAT dealer purchasing under CST 2% or CST 14.5% full tax what is the score
if any stage wise Excise registered purchasing under CST as above and local VAT what is the situation
if exempted how he will take
if ITC is taken on as above will it be considered as income because Govt is allowing as a credit , you have already booked as expenses .
on this ITC any income tax is applicable
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