Input tax credit on closing stock as on 30.06.2017

Scenario 1.If you are Registered with Central excise & vat Turnover Below 1.5 Crore ,You take full credit of Excise & Vat in Gst closing stock on 30.6.2017.

Excise Credit transfered as Cgst.

Vat Credit transfered as Sgst.

Scenario 2.If you are Not Registered with Central excise & registered with vat Turnover Below 1.5 Crore ,You take 40% of credit of Cgst if Tax rate in Gst is 12% or below and 60% of credit of Cgst if tax rate is gst 18 % or above. on closing stock on 30.6.2017.

GST Council has raised the breaking point on input assess credit against extract obligation installment to 60% from 40% of GST risk on things with impose rate over 18%, expediting some rest offer Assignment Writing Services of inventories loaded up before the execution of the new duty administration on July 1.