Clearance of stock of 30th june 2017 by 31st december 2017

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sneha (Querist)
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06 December 2017 Respected All,

we are trader, and importing goods from china. we have taken credit of excise as on 30th June 2017 by filing tran-1. My question is whether we have to sale goods by 31st December 2017 whose credit is taken by us in tran-1?

Guest

Guest (Expert)

07 December 2017 If you have taken deemed credit (i.e non availability of tax paid documents) on such imported stock then in such case you are required to sell the stock by 31-12-2017.

sneha

sneha (Querist)
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07 December 2017 we have original bill of entry regarding same. it is not the case of deemed credit, then what to do

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Guest

Guest (Expert)

07 December 2017 If it is not the case of deemed credit then in such case there is no time limit provided such inputs are used for making taxable supplies.

sneha

sneha (Querist)
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07 December 2017 ok. thanks