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itc on old stock

03 July 2017

I am registered in excise an vat. What to do about the old stock purched before gst. Did i get input tax credit for it. If yes than how?

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4 Replies

upasana gupta (Finance Professional) (3931 Points)
Replied 03 July 2017

Yes you will get input credit for Excise and VAT both in case you have paid the tax while purchasing any raw material or any input goods you will get the input credit at the same rate you have paid the tax.

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krishna khatioda (2 Points)
Replied 03 July 2017

good advice

Tomy Joseph (Superintendent) (86 Points)
Replied 03 July 2017

Just go through section 140 of the cgst Act and the transition rules.

RENGARAJ R.K (ADVOCATE) (7557 Points)
Replied 03 July 2017

ITC (cenvat credit & vat credit) should not have been availed earlier. No double benefit pl. In case not availed, you should apply GST Tran 1 form before 29.08.2017.