Mohit Nawlani (14 Points)
22 June 2017I am wholesaler of foodgrains, rice etc. my all products were exempt under VAT. I dont know about Excise. Because my products were never taxed. now I need to prepare closing stock statement as on 30,06,2017 so am I liable for input tax credit. I havent paid any taxes on my products as they were exempt but Still there is a confusion. please guide. thanks
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 June 2017
SATYAJIT DHAR
(Reader)
(33 Points)
Replied 22 June 2017
Food grains are exempt unless branded or packed hence you have nothing to worry. There is no question of geeting input tax credit as it was never paid
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
