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Stock in medical shop

295 views 4 replies

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Dear Experts.,

A medical shop running more than 10 years. But, No registered under State VAT Act.

Now, He/She get registration under State VAT Act on 30 th May 2017. He get Provisional ID & Password from GST.

My Question is.,

He have more stock on or before registration under VAT act. (Purchases after Registration Rs. 250,000 + Tax & Purchases Before Registration Rs. 750,000 + Tax).

Then, How to Treat above Stock & Input Tax on GST...

Please reply....

Replies (4)

Gagan Singla

564 Points Joined May 2017

check bills and duties paid on purchase bills

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Yes, He had the bills. But, Which tax ll be taken for GST ITC. After registration bills only or both bills...?

Lalit Nagpal

Assistant Manager

541 Points Joined April 2009

All Bills will be taken

All purchases before VAT registration would have been by retail bills. So in my opinion those retail purchases can't be shown with ITC in GST return. Only the tax paid against the tax invoices (after VAT registration) can be claimed as ITC.