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cenvat on stock

rajiv shah (ceo) (33 Points)

19 June 2017

I have credit balance of rupees 1000 in my VAT return file as on 30th June 2017 but in actual I have stock of rupees 50 lakh and vat thereon comes to rupees 2 lakh @ 4% now what amount should I get as a cenvat credit

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5 Replies

Gagan Singla (564 Points)
Replied 19 June 2017

u will get vat credit of 1000 onLy becoz balance u have claimed itc while payong output taxes i.e adjusted with output tax liability. u cant again tale benefit of vat credit of rs. 199000

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Gaurang Kumar Jani (20 Points)
Replied 19 June 2017

there is two possibilities,
1. you have used itc of goods which are laying with you or
2. you never taken that itc.

in 1st case you'll get itc as it's showing in return.

in 2nd case you'll get entire credit if you have tax invoice or deemed credit if you don't have tax invoice as provided in translational rule.

anything else?

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rajiv shah (ceo) (33 Points)
Replied 20 June 2017

Thanks for your reply. But how can I know that CR on stock utilised or not. Secondly sec 140 says that CR balance of last vat return candidate taken as carry forward