Itc as per gst on raw material or interemediate goods

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Dinesh V

Audit Assistant

74 Points Posted on 11 June 2017

I am manufacturer of a article . In manufacturing the article i need raw material as well as other intermediate goods .

I purchase the raw material & intermediate goods with excise invoice (excise +vat) as well as tax invoice (vat only)

Now my question is on excise invoice i will get full credit both excise n vat as per last returns but for tax invoice i will get credit for vat ,whether i will get credit for excise ie CGST 40 % or 60% whichever is applicable to me as per transitional provisions of GST.

Since i dont have any document for excise payment though i borned it .

Replies (5)

HIREN

Chartered Accountant

209 Points Posted on 11 June 2017

a registered person, other than a manufacturer or a supplier of
services, is not in possession of an invoice or any other documents evidencing payment of
duty in respect of inputs, then, such registered person shall, subject to such conditions,
limitations and safeguards as may be prescribed, including that the said taxable person shall
pass on the benefit of such credit by way of reduced prices to the recipient, be allowed to
take credit at such rate and in such manner as may be prescribed

Dinesh V

Audit Assistant

74 Points Posted on 11 June 2017

Sir,

i read that , in my case i am a manufacutere

HIREN

Chartered Accountant

209 Points Posted on 11 June 2017

You can take ITC based on documents only

nirmalbhai thakker

102 Points Posted on 11 June 2017

DINESH in transitional provision , If dealer is registered under excise and Vat Nd files his returned under both Act than cenvat credit and Vat credit balance as per last Return will be automatically transfered as CGST AND SGST CREDIT.. So in your case u r not entitle to get credit on stock even if excise is not paid on it and even though ni cenvat credit is taken previously. So better to reduce that type of purchase if u r registered under Excise