Itc on closing stock

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2017 I am a retail traders of sanitary items having registered with VAT authority in Assam. My entire purchases are local purchases and sales are entirely local sale. The value of closing stock in my shop remain approx. 50.00 lac on a given date on which I have already claimed ITC. Now, what will be the treatment of this closing stock after GST is applied ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 May 2017 ITC on stock held on the appointed date will be allowed under GST on purchases within 12 months of stock held with evidence of invoice copies.