Menu
Itc in gst
Hi,
We are registered traders of Electronic Components in Karnataka under KVAT/CST and now got migrated to GST. We have stocks as on June 30th 2017 which are bought more than a year back and within a year as well but none of them are suffered any Excise Duty when we bought them. Our question is can we claim ITC on the closing stocks though there is no Excise when purchased? If eligible is the ITC available on entire stock irrespective of time of purchase? Please clarify..
Thanking you in advance,
Venkat
Replies (3)
ITC can be there only if tax/duty was paid on purchase ,if there was no duty paid at time of purchase, no question of availing ITC arises
Tax in the sense VAT or CST is paid but no Excise Duty
vat credit can be availed for entire stock
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
