I am a automobile dealer in two wheelers and I want to know what are the restrictions for claiming input tax credit in gst.
can I claim 100% itc in gst that I pay to my supplier which includes excise duty, vat etc?
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restrictions for input tax credit
Replies (3)
ITC on stock as on 30.06.
VAT Credit - Already availed under VAT Return for the period ending June 2017. So nothing is to be done in this respect.
Excise Duty - If excisbale invoice 100% of credit can be availed else 40% subject to the undermentioned conditions among other:
a) the stock should have been purchased within 1yr from the appointed date.
b) the stock shall be disposed off within 6months from the appointed date.
VAT Credit - Already availed under VAT Return for the period ending June 2017. So nothing is to be done in this respect.
Excise Duty - If excisbale invoice 100% of credit can be availed else 40% subject to the undermentioned conditions among other:
a) the stock should have been purchased within 1yr from the appointed date.
b) the stock shall be disposed off within 6months from the appointed date.
thank u sir
in case if I obtain excise registration no. , can I claim 100% ITC in gst even my invoice is non excisable invoice
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