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Itc b/f

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 August 2017 Dear Sir,
In VAT regime we use to purchase timber @14.5% and sold it interstate @2% against Form C. Therefore our ITC balance has reached to the sum of Rs. 15 lacs on 31/03/2017 with no physical stock. In 2016-17 we filed our returns as nil and c/f our balance itc on 30/06/2017 in the same return.
Now I have following queries regarding balance ITC -
1. Whether we can adjust our balance itc against GST liability.
2. As we have no physical stock as on 30/06/2017 then in which col. of Trans 1 we would claim balance ITC?

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CA Suresh Jain

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CA Suresh Jain (Expert)
19 August 2017 You can transfer balance of credit to GST and can also use the same
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 August 2017 in which col. of trans 1 I should claim this itc?
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