I am dealing in cloths in Maharashtra, and there was no VAT on cloths.
I have stock of Rs.4 lakh as on 30.04.17.
Now, Can I take any credit for this stocks in tran -1?
If yes, then how?
There is concept in GST which says if the product in which your are dealing is exempt in earlier risime. Then 40% of the CGST amount of your stock can be taken as ITC.
Please help me with this issue..
Thanks in Advance.
CAclubindia
