what will be the effect of stock in transit as on 30/6/17?
will I be allowed to take the credit of vat paid on the same after implementation of GST?
if yes,how ?
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treatment of stock in transit
Replies (10)
you can take credit of current taxes paid on stock in transit provided you receive and account the stock within 30 days of implementation of GST i.e. 30th June 2017.
you would be required to disclose the details of such stock in Form GST TRAN 1.
This form has to be filed online within 90 days of implementation of GST.
you would be required to disclose the details of such stock in Form GST TRAN 1.
This form has to be filed online within 90 days of implementation of GST.
Thank you for the prompt response!
But can you kindly elaborate on how to we utilise the input on subsequent sale of the goods under GST?
Regards
Once the details of credit have been disclosed in the Form GST TRAN 1, the same shall be carried forward as input tax credit in the electronic credit ledger under GST of that particular registration.
Once the amount has been credited to the electronic credit ledger, the same can be utilised for payment of output GST in subsequent sale of such Goods.
Once the amount has been credited to the electronic credit ledger, the same can be utilised for payment of output GST in subsequent sale of such Goods.
and if I am not wrong the credit of Cgst element on subsequent sale will be 60 or 40 percentage right?
and if I am not wrong the credit of Cgst element on subsequent sale will be 60 or 40 percentage right?
The 60% credit is only with regard to the deemed credit provision under transition rules in respect of Excise Duty element in the goods when the Excise invoice is not available with the holder of the goods.
ok,
so in this case will I get the entire credit on subsequent sale of goods?
how will the credit be adjusted?
will it be adjusted against sgst or cgst liability?
so in this case will I get the entire credit on subsequent sale of goods?
how will the credit be adjusted?
will it be adjusted against sgst or cgst liability?
credit of VAT will be carried forward as SGST Credits and Credit of Excise Duty shall be carried forward as CGST.
thank you for the knowledge shared!
Request for clerificaiton at which Serial Number of Trans-1 will it be disclosed ?
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