old stock
Bijay Aditya Enterprises (5 Points)
22 August 2017
can i sale my old stock items without define the stock. if yes then is their any time limit to sale it
4 Replies
Jagtar Bhambra
(108 Points)
Replied 22 August 2017
no time limit for sale limit only for old ITC claim
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 22 August 2017
No time limit for the sale in your query.
Bijay Aditya Enterprises
(5 Points)
Replied 22 August 2017
can i avail input tax on my vat purchase old stocks.
For example i have purchased 50 units @ 400 per unit @ 5%vat rate ( Total purchase tax @ 5% is 1000) & made sale 40 units @ 560 per unit @ 5% vat rate ( sales tax for 40 units @ 5% is 1120) & diposited the difference tax (120)to my state sale tax department at the time of return.
So can i take the rest 10 units of goods to my GST tax & avail any tax credit for the same as now the tax rate for same goods is 18%
For example i have purchased 50 units @ 400 per unit @ 5%vat rate ( Total purchase tax @ 5% is 1000) & made sale 40 units @ 560 per unit @ 5% vat rate ( sales tax for 40 units @ 5% is 1120) & diposited the difference tax (120)to my state sale tax department at the time of return.
So can i take the rest 10 units of goods to my GST tax & avail any tax credit for the same as now the tax rate for same goods is 18%
Mukesh Saini
(Accounts and Taxation)
(41 Points)
Replied 22 August 2017
You can avail ITC , if stock photois related to the goods which has been purchase, after 01 July 2016.
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