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
Pl refer for details:
https://www.cbec.gov.in/resources//htdocs-cbec/gst/eflier-transition-provisions14062017.pdf
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
