07 June 2017
Product on which tax was not chargeable in the previous act but chargeable under GST Act like Fabric. Then the tax free stock which will be existed on 1st July, then is it compulsory to pay first tax on that opening stock and after that take credit at the time of sale? If not then what is provision for the existing stock.
07 June 2017
Credit is allowed only if tax/duty is paid at any stage to the Govt. So no credit on unconditionally exempt items. For credit on fabric, you can contact us.
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