40% and 60% credit concept

Page no : 2

Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 10 June 2017

dear dhiraj if u r a m/f or service provider then not , otherwise Yes

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Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 10 June 2017

Dear ram u r already getting credit since u r register under service tax. u are covered under other section 140(1). not under 140(3)

Tejveer Singh (Indirect Tax Consultant) (54 Points)
Replied 10 June 2017

Hi, 40% credit only for traders. And its only for next six months after GST effective. If you will not sell your stock then you will have to pay GST.

Venkat (none) (62 Points)
Replied 11 June 2017

Dear Sir,

Assuming we have all docs for full input tax credit, Should we clear/sell all existing stock upto june 30th, before December 2017 (6 months) to avail input credit?

thank you

Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 11 June 2017

it depends upon ur sale. if u can carry forward then y to worry,

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Venkat (none) (62 Points)
Replied 11 June 2017

Dear sir/madam,

so, no time limit to clear stock on hand as on June 30th in GST ?!

I read 6 months given to clear the stocks.

thanks

Tejveer Singh (Indirect Tax Consultant) (54 Points)
Replied 11 June 2017

You must read section 31, 32,33,34,35,36 and also read invoice gst rule Gst counseling commety has finalised invoices rule. And accounts and records has drafted by gst counselling commty. But yet not finalised. You can read on website www.cbec.gov.in

Ram kr. (Buisness) (883 Points)
Replied 11 June 2017

before we will supplied our goods after gst, what we have to fill transition form-1 first ?

Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 11 June 2017

no ram kr , trans-1 have to be file within 90 days i.e. 29-..09.2017. u can made supply even without this.

Ram kr. (Buisness) (883 Points)
Replied 11 June 2017

if so then how we will get 40% credit on CGST supply

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Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 11 June 2017

after filling trans -1 form, nd status of stock on monthly basis for 6 month in Tran-2 form. u will get credit on filling of both. but do your sale side by side. for more clarification see my blog, point -3 https://www.gstsoln.com/all-about-transitional-provisions-us-140-compiled-with-relevant-rules-in-general-language-from-business-point/

Ram kr. (Buisness) (883 Points)
Replied 11 June 2017

It means we can file trans-1 along with sale daily basis or monthly basis.

Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 11 June 2017

yes ram , do ur sale & file trans-1 form once within 90 days & trans-2 on monthly basis.

Ram kr. (Buisness) (883 Points)
Replied 11 June 2017

Moreover, in regard to my earlier query, whether a consignment agent of a mfg co. take 100% credit on stock held on appointed day. He is selling the goods on commission basis and registerd in service tax and sales tax not in cental excise.