input credit will be transferred for sure but excess paid vat might not as there is no specific provision for that as far I know. you might have to opt refund route.
This is vat input. Purchased with state vat 5% and total sale interstate with CST 2%. So,balance is input tax credit. Is that adjustable with SGST ,CGST and IGST ?
vat input balance (5%) will be transferred to your electronic credit ledger as sgst.but cst credit will not be transferred.......further you can also take credit of the excise duty on closing stock, if you want to, but you have to transfer benefit of such credit to your customers....
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CAclubindia
