Menu
ITC on closing stock
My client is a wholesaler holding stock of rs 30 lacs which is heater,geaser,etc will be sold Only in winters. what to do ITC is 5% but now payable @ 28% what to do considering his stock holding if Rs 30lacs.
Replies (1)
Whatever ITC paid on the existing stock (upto 12 months old) would be carried forward in the last VAT return filed before appointed day of implementation of GST. The same will be transferred to your GST electronic ledger, provided you have successfully migrated to GST. . So, that you will not loose any earlier ITC over stock.
Recent Threads
- Resignation of Previous Auditor
- Summary of GST Notification 18/2025 (Effective 1 N
- Heard & Seen Around – Your Daily Economi
- ITC restriction for Food manufacturing units
- Consortium Partnership: GST and TDS query
- Luxury premium car - Lease or Loan
- Income tax act 40 A (3)
- Transmission of deceased's shares in physical form
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
Related Threads
CAclubindia
