Stock
Vinay (Accountant) (40 Points)
28 May 2017
In order to take the input credit, Is it mandatory to liquidate the stock within a year from the date of purchase?
7 Replies
Lekhu Nyoliwala
(92 Points)
Replied 28 May 2017
The stock should be liquidated within 6months from the appointed date i.e. within 18 months from the date of purchase
Vinay
(Accountant)
(40 Points)
Replied 29 May 2017
In case Der is a stock which is above 18 months then what will be the impact in terms of input credit and penalty?
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 29 May 2017
No credit would be available for goods prior to that earlier period. and no penalty provisions as such..
Vinay
(Accountant)
(40 Points)
Replied 29 May 2017
When we purchase the goods in next we will take the input credit, but that goods lying in warehouse for more than 18 months in that case we have to reverse the input credit?
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 29 May 2017
there are different rules for capital goods and other goods lying in stock... please specify your query..
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 29 May 2017
you can surely take the cenvat credit on goods lying in stock, but it is subject to certain conditions. Refer to rules of ITC..
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