27 June 2017
I am textile manufacturer and exempt under VAT. However I have input tax credit of vat paid on purchase of yarn of Rs 2 lacs during last year and i have shown them as ITC under vat return.
Now my question is can I carry forward this ITC under GST ? This ITC is for manufacture of exempt product under VAT but in GST the same is taxable @ 5%.
CAclubindia
