prakash patel
This query is : Resolved
14 July 2017
we r VAT dealer.What will happen to our existing stock.whether we will get any I T C on such stock or present rate will be applicable on entire old and new stock
14 July 2017
You can get ITC on the stock upto 60% of CGST Amount what you are going to charge while selling if the GST Rate of stock you are selling is more than or equal to 18%. 40% if GST is less than 18%. For this you have to file Form TRAN 1 within 90 days from 1st July and your stock should not be more than 12 Months old. This stock should be sold within 6 months from 1st July else your ITC will lapse.
VK
VK
15 July 2017
Thank u sir 4 guiding us one more ques. we r dealing with garments and no one is
15 July 2017
going to pay us GST separately .Can we add GST in MRP and breakup it in return?
Message likes :
1 times
15 July 2017
Yes you can add GST in MRP and show breakup in Invoice.
VK
VK
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