pls pls help - stock credit

ITC / Input 133 views 4 replies

geetha

student

414 Points Joined August 2011

1. I purchase my goods ( mobile phones n chargers ) from chennai based transfer office.. the company s Delhi based . in the invoice vat is charged .
2. I have bought goods at the rate 5 % ,for now which gst rate is 12%.
3. is there any way to claim this 7 % diff by way of 60 40 ratio. (excise.part)
4. I have my June month carry fwd credit which I will.claim.in trans 1.

Replies (4)

Vinod Araveti

Practicing CA

1180 Points Joined May 2017

If you are not registered under excise and service tax, then credit shall be allowed at the rate of 60% of central tax paid.

This option is not yet enabled in the portal. As of now you have to give the details in Entry 7.a of TRAN-1.

Gangaraju T C

185 Points Joined July 2017

if they have charged VAT, how can you claim Excise.

geetha

student

414 Points Joined August 2011

how the calculation should be done for that 60 percent..can u pls.help with one eg..
I have goods worth 4laks and currently all my sales are. from this stock only.

Vinod Araveti

Practicing CA

1180 Points Joined May 2017

Credit to the extent of 40% on CGST paid on the sale of those stock in GST regime. Why only 40% is just because GST rate on those stock is < 18%.

For Example ( X material sold for Rs. 25000 at 12%, then you might have paid Rs. 1500 ( 6% of Rs. 25000 ) as CGST & Rs. 1500 as SGST. Govt will give the refund of Rs. 600 ( i.e. 40% of Rs. 1500 ).

As of now Govt has not enabled the refund option in the website.