ex.opening stock as on 01/04/16 is 20
purchase during the year 100
sale during the year 80
closing stock as on 31/03/17 is 40.
should we get itc on 40??
please clarify.
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Itc on closing stock
Replies (6)
if the stock is tax paid, u need to file last 2 qrtr return and fill the information in form tran1 . you will be getting ITC.
last 2 return means??
last quarter of 16-17 and 1st qurt of 17-18
Mr. N. Patel,
You will be avail ITC, on that stock which was not older than 1 year.
or Against C form purchase stock not avail in ITC.
How much to take ITC ?
Is Fully or Partially ? (40)
if you have bill then whole tax amount & if not then 40% of tax.
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