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.
pls pls help - stock credit
Replies (4)
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.
if they have charged VAT, how can you claim Excise.
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.
I have goods worth 4laks and currently all my sales are. from this stock only.
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.
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