what will be the effect of stock in transit as on 30/6/17?
will I be allowed to take the credit of vat paid on the same after implementation of GST?
if yes,how ?
you can take credit of current taxes paid on stock in transit provided you receive and account the stock within 30 days of implementation of GST i.e. 30th June 2017.
you would be required to disclose the details of such stock in Form GST TRAN 1.
This form has to be filed online within 90 days of implementation of GST.
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