I Need suggestion regarding Trans-1 I am a automobile dealer of vehicles. I have closing stock as on 30.06.2017 was 40Vehicles, but as on 31.12.2017 only 38 vehicles are sold. 2 vehicles are remaining in stock. Here for how many vehicles can i claim input tax credit either for 40 vehicles or 38 vehicles in TRANS-1.
Guest
Guest
(Expert)
21 December 2017
If such credit availed is not related to deemed credit than you can avail the credit for entire 40 vehicles.
21 December 2017
But as per provision sec 140 of CGST ACT 2017, credit should be availed only to the extent of benefit given to customer i.e only to extent of sold vehicles. Is it correct or not??
CAclubindia
