Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182282 Points)
Replied 19 February 2017
Based on last VAT return filed by assessee, balance ITC will get transferred to GST file.
Shameem
(Job)
(242 Points)
Replied 19 February 2017
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 26 February 2017
The credit carried forward is in 2 ways:
1. ITC available in your VAT or cenvat returns ( you may like to reconcile to your books to ensure all credits availed + ensure that no credits missed out in earlier years + see whether the refund applications on accumulated made are likely to come or not- if not then withdraw and avail in the VAT or Cnevat credit a/c and then carry forward )
2. Duty paid on stocks in hand if no credit availed in the past due to exemption etc- can be availed by making a cliam on tax paid good in hand as on 1st July. In this case the duty paid ( excise + VAT shouldbe available in the invoice- you may need to start purchasing with the info of Central excise paid being indicated in invoice ( buy from manufacturer or dealer regd under CE)
Prateek
(Partner)
(143 Points)
Replied 08 March 2017
The itc of tax paid as vat can be first taken from vat payable in these months. Afterwards if you still have itc remaining in vat then such itc can be considered while paying GST after its application. Input tax credit in gst ITC in GST
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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