I was a register Dealer under WB VAT act. In 1st Qtr return(2017-18) i have filed and pay the taxes( Output- Input). Now let my closing stock is 525630.00. Can i get ITC on GST or not?
5 Replies
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 06 October 2017
yes you will get ITC in cgst if you have proper invoices
Manoj Bansal
(155 Points)
Replied 06 October 2017
kindly clear that what will we do if we not available any credit in return means vat adjusted against output vat.but we have large quantity of stock in our hands on 30-06-2017.can we get itc through trans 1 or not.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 06 October 2017
Please see the link... You can get some clarity...
https://cleartax.in/s/gst-itc-transition-provision
Also see the Attachments
Attached File : 1391982 20171006145145 1391982 20170803121558 gst tran case i to viii 2 .pptx downloaded: 132 times
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 06 October 2017
yes for cgst you will get ITC if you have proper Ed paid bills otherwise you will get 60 or 40% cgst claim by filling trans2
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 06 October 2017
yes for cgst you will get ITC if you have proper Ed paid bills otherwise you will get 60 or 40% cgst claim by filling trans2
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