14 July 2017
we r VAT dealer.What will happen to our existing stock.whether we will get any I T C on such stock or present rate will be applicable on entire old and new stock
14 July 2017
You can get ITC on the stock upto 60% of CGST Amount what you are going to charge while selling if the GST Rate of stock you are selling is more than or equal to 18%. 40% if GST is less than 18%. For this you have to file Form TRAN 1 within 90 days from 1st July and your stock should not be more than 12 Months old. This stock should be sold within 6 months from 1st July else your ITC will lapse.
CAclubindia
