ITC on Opening Stock
byte solution (22 Points)
19 June 2017byte solution (22 Points)
19 June 2017
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 19 June 2017
The credit of input stock has to be shown in the GST Return.
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]
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