Closing stock input tax credit valuation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2017 Dear Sir

We are engaged in a resales of Electronics items, my doubt is that how to avail input tax credit on closing stock in case of pre GST to post GST. Whenever GST will be imposed on that date stock in hand available as VATable goods. What is the process to migrate VAT to GST on closing stock. From-which we avail input tax credit and how to sale this product in GST tax.
What is difference among CGST, SGST, IGST and UTGST
Services tax replaced which one. please guide me........................

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2017 any comment.......................................................................................

Rajesh Kumar

Rajesh Kumar (Expert)
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03 April 2017 I think you are registered with VAT authorities. Whatever VAT credit shall be there with you on the appointed date shall be transferred into SGST credit and you can pay SGST through it.
After the relevant date you are also be required to pay CGST apart from SGST. Presently you may not be taking any credit of Central taxes like Central Excise, taxes paid on import, service tax etc. I will suggest you to keep tax paid invoices of the items you are keeping in your inventory. On appointed date you shall be eligible to take CGST input credit on items available in your stock through which you can pay CGST.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2017 Sir,

CST accounting head will be replaced with CGST or IGST.

or

GST @18% will distribute into 2 part as CGST 9% + SGST 9% =18%

Two accounting head would be use in invoicing. Please clarify..

Rajesh Kumar

Rajesh Kumar (Expert)
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03 April 2017 On interstate sale IGST shall be charged. However, unlike CST, IGST is fully creditable. IGST credit can be utilized for payment of IGST, and balance if any can be used for payment of CGST or SGST in that order.

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2017 GST @18% will distribute into 2 part as CGST 9% + SGST 9% =18% Two accounting head would be use in product invoicing and in case of service-tax full 18% would be charge as CGST a/c head. Please do the needful.

Rajesh Kumar

Rajesh Kumar (Expert)
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12 April 2017 Even in case of Services 9% CGST+9% SGST or 18% IGST shall be charged. In GST there shall be no difference between goods and services as far as taxes on supply is concerned.