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??
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%)
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?
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
