Input tax credit on closing stock

vijay dutt (SELF EMPLOYED) (23 Points)

17 June 2017

What is the procedure to claim Input tax credit on Closing stock lying as on 30-06-2017 under GST regime?

Reply
Follow
Share

4 Replies

Gagan Singla (564 Points)
Replied 17 June 2017

all depends on kind of stock, duty paid bills if any, kinds of duties etc.

Gagan Singla (564 Points)
Replied 17 June 2017

it varies from case to case

Gagan Singla (564 Points)
Replied 17 June 2017

you have to specifically tell what kind of stock u r talking about

Umesh V Naig (Statutory Analyst) (452 Points)
Replied 22 June 2017

be specific explore all the law interpret

if any registered VAT dealer purchasing under CST 2% or CST 14.5% full tax what is the score

if any stage wise Excise registered purchasing under CST as above and local VAT what is the situation

if exempted how he will take

if ITC is taken on as above will it be considered as income because Govt is allowing as a credit , you have already booked as expenses .

on this ITC any income tax is applicable

Start a New Discussion