Our one of client is trader of electronic items. For claiming Stock credit we have have submitted TRANS-1 but for the stock for which We do have not an excisable invoice, how to claim deemed credit? While submitting information in GSTN portal table 7(a) in Trans-1, when I am selecting NO option for invoice, portal showing eligible credit as ZERO.
Here, my question is how to proceed further? And when we can use this credit since our client is saying that we have sold almost all items appearing in stock for which we are going to claim credit.
01 December 2017
It is as per law only. You go ahead and submit the form. You will get the deemed credit only in the following month when the sale of the goods have been affected after you file GST TRANS 2. e.g. You had a stock of Rs. 10 Lakhs on which you had paid Rs. 1 Lakh Excise duty. (Applicable GST Rate lets assume be 28%) Now if you had sold Rs. 5 lakhs of such stock in July you should file GST TRANS 1. so 60% of 100000 x 5lakh/10 lakh will be available in your Credit ledger.
The above was intended process before GST Implementation however GST Trans 2 has not been enabled till date. so wait for further clarification from government.
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