Chartered Accountant
12739 Points
Posted on 17 March 2018
as we have shown the closong stock as on 30-06-2017 in TRAN 1 and filed it state tax credit has been availed via VAT Return for the Q1 (April - June) now how the central tax would be availed ?
file TRAN 2 to be filed till 31-03-2018 to availed credit of CENTAL (CGST & IGST)
CGST credit will be given as ::
- if RATE is 18% or more on goods sold after 30-06-2017 so 60% of CGST will be given as credit
- if RATE is less than 18% on goods sold after 30-06-2017 so 40% of CGST will be given as credit
IGST credit will be given as ::
- if RATE is 18% or more on goods sold after 30-06-2017 so 30% of IGST will be given as credit
- if RATE is less than 18% on goods sold after 30-06-2017 so 20% of IGST will be given as credit