Poonawalla fincorps
Poonawalla fincorps

Input credit of excise duty thro tran 1 on closing stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 December 2017 Sir
We are a manufacturing company dealing with non excisable goods but registered under VAT. As on 30-06-2017, we are having some closing for which we have paid Excise duty. In previous regime we are not taking ITC for it. But now please confirm whether we can take ITC under CGST thro TRAN 01.
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Udaya Chandran

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Udaya Chandran (Expert)
13 December 2017 Yes, you can credit on stocks held as on 30.06.2017 providing all the details of stock and purchases.

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