we can take input b/f in GST of closing stock as on 30june 2017.
I am traders purchase goods from manufacturer we pay VAT + EXCISE BUT WE TAKE INPUT OF VAT. NOW WE CAN TAKE INPUT ( VAT + EXCISE) OF CLOSING STOCK AS ON 30 JUNE 2017
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input b/f of VAT IN GST
Replies (5)
The closing balance of Input VAT Credit available on the last day, prior to the date on GST is implemented, can be carried forward to GST. Carried forward of VAT Input credit will be treated as SGST Input Credit under GST regime. The closing balance of credit should be shown in the last return of VAT. The carry forward is allowed only if such types of credit is also admissible under GST Act
i m agree with ca pravesh khanna...but i think that credit of excise is also available as CGST...
Umang Sir ,
The GST credit would be avilable based on the last returns uploaded . As the assesse is not registered under excise and have not filed Exice return ,the input for Excise would not ne eligibe as per my understanding.
In particular case credit is available as the trader has a excise invoice...
ITC VAT as on 30.06.17 shall only be eligible to avail credit not Excise. But when Excise shall be transformed in GST thereafter you would be able to get the Input Credit.
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