stock related

In GST law following are the provisions for input tax credit on stock lying on 30th june: Followings conditions need to be fulfilled: Return filed under VAT shows outstanding/ excess/ unutilised balance of input tax credit * The excess input tax credit reflected in the return to be carried forward under GST * GST FORM TRAN-1 to be filed by 29th August 2017 * The GST FORM TRAN-1 to contain details about the credit to be carried forward * Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST Input tax credit is not allowed to be carried forward in following cases: * The Credit is not admissible in the GST Law * All returns for 6 months have not been duly filed under the VAT law * Credit attributable to claims related to sales under Form C, F, E1, E2, H etc. not to be allowed unless the forms are duly made available If Return filed under VAT does not show excess balance of input tax credit * No credit shall be carried forward under GST in respect of VAT