Saqif OM (Manager(F&A)) (319 Points)
07 July 2017Dear All,
Do we get input tax credit on our closing stock as on 30.06.2017.
Scenario 1- We are registered with Central Excise,Turnover below 1.5 Crores? We have paid Excise Duty & VAT on our purchase invoices but only availed IPT on VAT only?
Scenario 2- We are not registered with Central Excise and Turnover below 1.5 crores. Paid Excise duty on our purchases and availed IPT on VAT only?
Please post a reply
SURAJ SHARMA
(Junior accountant)
(135 Points)
Replied 07 July 2017
Scenario 1.If you are Registered with Central excise & vat Turnover Below 1.5 Crore ,You take full credit of Excise & Vat in Gst closing stock on 30.6.2017.
Excise Credit transfered as Cgst.
Vat Credit transfered as Sgst.
Scenario 2.If you are Not Registered with Central excise & registered with vat Turnover Below 1.5 Crore ,You take 40% of credit of Cgst if Tax rate in Gst is 12% or below and 60% of credit of Cgst if tax rate is gst 18 % or above. on closing stock on 30.6.2017.
Christina John
(2 Points)
Replied 17 October 2017
GST Council has raised the breaking point on input assess credit against extract obligation installment to 60% from 40% of GST risk on things with impose rate over 18%, expediting some rest offer Assignment Writing Services of inventories loaded up before the execution of the new duty administration on July 1.
CAclubindia
