Umesh V Naig (Statutory Analyst) (452 Points)
30 June 2017Being trader iam allowed to take 60% on the closing stock sold during July 2017 @ 28% GST ie Rs 16.80 will be
auto populated by GST return as input credit amount. Is this understanding correct.
cashankar007@gmail.com
(26 Points)
Replied 30 June 2017
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 01 July 2017
Dear shankar ji
any rule ref for the same , since it is under stood it is on entire 28% sold under intra state supply ie within state local 60% of the GST is allowed
but as per you when my stock is under CST purchases ie closing stock 30.6.17 when i sell in July 17 it will be taxes at 28% output but
ITC will be 60% on 28% will be input since iam a trader , is it correct a, please mention if you know the specific rule or notification on this
tku CA shankarji
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 01 July 2017
Pl refer the brochure for details:
https://www.cbec.gov.in/htdocs-cbec/gst/input-tax-credit-mechanism-onlineversion-07june2017.pdf
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 06 July 2017
website not getting however understod like this.
Trader - only purchase invoice with VAT / CST rate charged in Pre GST ie before 1.7.17
Closing stock as on 30.6.17 declared under TRANS 2
Whenever stock are sold from Pre GST lot my rate of Tax @ 28% then i can avail deemed credit at 60% 0n 28% GST ie 16.80% as input so that i can reduce from my basic price this % to the market
Whenever stock are sold from Pre GST lot of goods purchases under TNVAT and my GST rate will be 28% then iam allowed at 40% ie 11.20% as input so that i can reduce 11.20% from the basic
is the under standing correct pl
CAclubindia
