If someone has 5% taxabale rate stock as on 30th June and under GST it will be charged at 18%. Can anyone help with the procedure how he can credit of excess tax.
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Gst credit on unsold stock as on 30th june
Replies (2)
This kind of credit is not allowed. However, you can take the credit of Closing stock as on 30.06.2017 as per the calculation provided in the rule.
ITC carried forward as per vat-15 return for the quarter ending 30th.june,2017 will be available under GST as sgst credit.dealer will put up this fig.in GST credit ledger ,I suppose.
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