VAT ASSESSMENTS HAS NOW BEEN STARTED FOR QTR 1 FY 2017-18. THE TAX OFFICIALS ARE STILL IN A CONFUSION AS HOW TO DEAL WITH THE STOCK CARRY FORWARDED TO GST REGIME THINKING OF ANY LOSSES OF REVENUE.
SOME TAXPAYERS HAS THEIR ITC AVAILABLE WHO FILLED TRANS 1 FORM OF GST AND AVAILED THE CREDIT IN THE SGST. SOME HAD AVAILED DURING THE VAT REGIME COMPLETELY AND HAS A VALUE OF STOCK AS ON 30.6.2017 WITH NO SUCH BALANCE ITC AVAILABLE.
CAN STATE IMPOSE VAT TAX ON THE BALANCE STOCK AVAILABLE ? IF YES THEN ISN'T IT A DOUBLE TAXATION ON THE TAX PAYERS IN BOTH CASE, ONE IS WHO AVAILED ITC BY TRANS 1 AND ANOTHER WHERE NO SUCH ITC CARRY FORWARDED ON TRANS 1?
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