Become a Govt. Certified GST Practitioner in just 58 hours. Register Now!

ITC on closing stock

05 June 2017

My client is a wholesaler holding stock of rs 30 lacs which is heater,geaser,etc will be sold Only in winters. what to do ITC is 5% but now payable @ 28% what to do considering his stock holding if Rs 30lacs.

Reply
Follow
Share

1 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182873 Points)
Replied 05 June 2017

Whatever ITC paid on the existing stock (upto 12 months old) would be carried forward in the last VAT return filed before appointed day of implementation of GST. The same will be transferred to your GST electronic ledger, provided you have successfully migrated to GST. . So, that you will not loose any earlier ITC over stock.