Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

TRANSITIONAL RULES

Ankush Jain (23 Points)

06 June 2017

How will a trader will claim ITC/CENVAT on stock held on the appointed date of GST??

Reply
Follow
Share

2 Replies

Shubham Gupta (Business Consultants) (2077 Points)
Replied 06 June 2017

sir,

VAT on closing stock will become opening Tax credit as SGST

And 60% of the Central component i.e 14% on the stock in hand as on 30 june will be available as CGST, stock in hand will be required to be sold in 6 months and each month stock details will be required to be filed so that 60% exemption can be available

(Assumed GST rate on Closing stock as 28%)

Upgrade to CAclubindia Pro. Subscribe Now!

Ankush Jain (23 Points)
Replied 06 June 2017

Suppose,if a trader held goods of Rs. 100000 VAT Rate 4% and in GST goods is been covered under tax rate of 18%....then on sale.. ...what amount of ITC will be available?