ex.opening stock as on 01/04/16 is 20
purchase during the year 100
sale during the year 80
closing stock as on 31/03/17 is 40.
should we get itc on 40??
please clarify.
6 Replies
Noorendra Patel
(25 Points)
Replied 22 June 2017
if the stock is tax paid, u need to file last 2 qrtr return and fill the information in form tran1 . you will be getting ITC.
Bablu Kumar Jha
(Accounts Manager)
(266 Points)
Replied 22 June 2017
Mr. N. Patel,
You will be avail ITC, on that stock which was not older than 1 year.
or Against C form purchase stock not avail in ITC.
kaniananth
(sivakasi)
(54 Points)
Replied 23 June 2017
How much to take ITC ?
Is Fully or Partially ? (40)
Pulkit Purohit
(25 Points)
Replied 24 June 2017
if you have bill then whole tax amount & if not then 40% of tax.
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