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stock on 30th June 2017 how can I take credit from department of gst variation of tax between vat & Gst
sir I have stock on 30th June 2017 @ 5,% and our product gone in Gst 12% than how can I take credit for variation of tax i.e 7%
Replies (4)
FOR DEALERS REGISTERED UNDER VAT
1)Credit will be allowed of the amount that you have paid.
2) In your case you have paid only 5 % on purchases of goods and not 12% ,so no credit of 7 % wil be allowed
in gst u also take credit of 60% of cgst part..thats 60% of 6% credit is available for your stock
if u have exxisbale goods than 100% credit is allowed
if u have exxisbale goods than 100% credit is allowed
Pl refer for details:
https://www.cbec.gov.in/resources//htdocs-cbec/gst/eflier-transition-provisions14062017.pdf
what is the last date for submission of trans 1 form for stock held with dealer
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