I am a traders from ajmer rajasthan dealing in iron and steel.
1) I am registered under rajasthan vat and not registered under centrel excise.
2) I manufacture some iron and steel items which are exempted under rajasthan vat and also do trading of iron and steel which are taxable under rajasthan vat .
I have stock of goods purchased from outside state against c form, excise invoice available
kindly tell can I take full input credit of excise paid, and also shown in my bill , on my stock
First condition , since you are not central excise registrant , your stocks are not available for credit , but if you have credit of money
in VAT return it will automatically taken to GST electronic ledger a/c.But a clear question is you have paid stocks purchased under CST 2% present law , why again 28% under GST , any credit of money available for closing stock ?.If you have a purchase bill / stock a/c ledger and the closing stock is sold within 90 days you will automatically get the 60% on the GST amount paid credited to you electronic a/c .. can any body enlighten on this...under standing of the law is correct.
All CA students so many questions will be in exams on this applicability etc ,,, hence participate and debate ,interpret , discuss with your seniors like wise
CAclubindia
