Vat itc in gst

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Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2017 Dear Experts,
pls clarify... can we adjust the ITC of Vat against GST payment,

Regards
Vimal

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 May 2017 Yes you can do that for the VAT credit available on GST implementation day.

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2017 sir can we adjust GST ITC ( on purchase of goods) against payment of tax for service providing

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 May 2017 Yes you can do that ................

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2017 Sir i mean assume i have purchased the goods of 1 Lakh with 5% GST. and i have given the service of Rs. 2 Lakh thereon even i have charge 5% GST which is 10000. my query is... on payment of GST 10000 for providing service can we adjust the GST ITC of 5000 on arrise on purchase of goods. i.e GST output... 10000
To GST input...5000
To bank...... 5000

Pls clarify.......

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2017 Yes you can do that, that is the right way.

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2017 sir we have both tin No. as well as Service tax No. in GST will i have to take only one GST No or two different one for supply of Goods and another for service providing

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2017 Under GST regime it is only one No. for goods and services.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2017 Ok sir then what will happen with the Tin No and service tax No. will i have to surrender both these No.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2017 No need of surrender when you migrate to GST.