A mobile retailer not having registration before is getting registered in gst as new dealer as the registration start.
Q1. Will he get the input tax he paid on stock he is holding on date of registration
Q2. Some of the mobile he is holding in stock is purchased before 12 months will he get input of those stock
Q3. If answer for 1 is yes what is the procedure to get the credit of the same stock
4 Replies
CA Aditya Goenka
(CA Practice)
(174 Points)
Replied 18 June 2017
Yes he will get input credit for stock in hand as on 30th june 2017, if you have a vat bill you can claim that input if you have not transfered that vat obligation to your customer. Plus you can claim 40% of cgst(applicable to you)as input.
2) no you cannot claim input of stock which is there with you for more than 12months
3) you have to file a return within 60 days from 1st july stating the stock you have,from whom it was purchased and when it was purchased and at what rate and amount
CA Aditya Goenka
(CA Practice)
(174 Points)
Replied 18 June 2017
Yes he will get input credit for stock in hand as on 30th june 2017, if you have a vat bill you can claim that input if you have not transfered that vat obligation to your customer. Plus you can claim 40% of cgst(applicable to you)as input.
2) no you cannot claim input of stock which is there with you for more than 12months
3) you have to file a return within 60 days from 1st july stating the stock you have,from whom it was purchased and when it was purchased and at what rate and amount
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 18 June 2017
Well explained Mr. CA Aditya...
Thanks for your detailed reply
Thanks for your detailed reply
Mayur`
(.)
(90 Points)
Replied 19 June 2017
Thank u CA Aditya Goenka
And sir which form is to be filled within 60 days of 1st July for input tax. Form no.
And sir which form is to be filled within 60 days of 1st July for input tax. Form no.
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