I m a cloth trader. I have stock around 1700000/- when I sell this 5%gst I have charged. how can I get ITC claim on this. in vat it was tax free. but excise and custom was paid by manufacturer.tell me the procedure and act how I file my gate 1 return. my sale in July arround 300000/-.purchase nil
if your item is only tax free around stock then u have to pay tax on your tax free goods.. after that your stock around 17lk process under vat category.. there is no requirement to pay tax. closing stock merge into a opening stock... excise item purchase proof your bill required then refund 40% ratio on bills..
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