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.
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Tran 1 - Exempted product from VAT now Taxable- how to take credit in Tran 1?
Replies (3)
yes you can claim 40% as ITC by filing trans 2
if you are not interstate seller and your turnover is below one crore you can opt for composition
so, now I need to file tran 1 or not?
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