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TRANSITIONAL RULES
How will a trader will claim ITC/CENVAT on stock held on the appointed date of GST??
Replies (2)
sir,
VAT on closing stock will become opening Tax credit as SGST
And 60% of the Central component i.e 14% on the stock in hand as on 30 june will be available as CGST, stock in hand will be required to be sold in 6 months and each month stock details will be required to be filed so that 60% exemption can be available
(Assumed GST rate on Closing stock as 28%)
Suppose,if a trader held goods of Rs. 100000 VAT Rate 4% and in GST goods is been covered under tax rate of 18%....then on sale.. ...what amount of ITC will be available?
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