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ITC on Opening Stock

19 June 2017

Please let us know how we can take credit of input stock. Either we have to show in gst return or to be adjusted in sales bill. Is there any time period to avail this benefit. Thanks

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4 Replies

Prity Agarwal (CHARTERED ACCOUNTANT) (363 Points)
Replied 19 June 2017

The credit of input stock has to be shown in the GST Return.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 19 June 2017

If you are having cenvat credit balance or input tax credit for opening stock as on 1.7.2017 you can carry forward it to CGST credit and SGST credit respectively. For this you have to submit application in Form GST TRAN 1 within 90 days.

Gurwinder Singh (Sr. Accounts Officer) (471 Points)
Replied 19 June 2017

Respected Sir,

we are manufacturer & have no cenvat credit under excise.

1. Can we take input tax of excise charged on our closing stock of raw material.

we have excise showing invoices.??????/

2. Should we show closing stock detail on gst portal as on 01.07.17???

Thanks in advance

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 19 June 2017

If you were not eligible to take cenvat credit but are now under GST, you can take input tax credit of excise duty paid on closing stock if you have relevant excise invoices. You have to submit stock statement [Sec.140(3) of CGST & SGST Act]