Transitional provisions and

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2017 respected sir ,
i am a reg vat dealer dealing in branded soaps and cosmotics .i hold stocks amounting to rs around 10 laks.i paid vat at 14.5 % on purchases from reg- vat dealers and i am in possession of tax invoice.so i can claim amount rs 1,40,0000 as input under transissional provisions.and all of my goods are suffered central exice at manufacturing point.iam a retailer so i do not have any invoice showing the amount of central exice then what is the procedure to claim credit under cgst.please discuss.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 May 2017 As you don't possess invoice for excise duty payment you can't claim credit under CGST.

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2017 respected sir ,i want to know about the rule relating to 40% credit of exise paid
thanking you

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CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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06 May 2017 Read Section 140 (3) in line with Draft rules of Transitional Provisions.

Expert : Anonymous

Expert : Anonymous (Expert)

07 May 2017 You can claim input tax credit if not in possession of invoice and you are registered and not a manufacturer or supplier of service under section 140 (3) proviso and the condition under Rule 1(3) of Transistional Rule satisfied But the claim can only be made if you was not registered under VAT or Excise. Check out that rule. If you were registered earlier than you have to mention the input tax credit in the Return of the month 30.06.2017 and claim input tax credit under section 140(1) but you shall have invoice in that case.