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Vat and excise credit after gst

Manish Khimavat (35 Points)

19 March 2017

how will our vat and excise input credit as on 30/6/2017 will be adjusted after implementation of gst on 1/7/2017

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(Guest)

According to the model GST Law, a taxable person can accumulate credits of taxes paid and carry them forward in a return. With the introduction of the GST, the last set of credits will have to be transferred. To do this, you must furnish proof of his/her last return filed under the old regime. You will, therefore, need to make sure that all input taxes paid are included in it; by doing so, you will be claiming the credit of the same under the new regime.

For example, let’s consider July 1, 2017 as the appointed day for the GST rollout. The taxpayer must make sure that he/she has taken into account all the stock lying on June 30, 2017 and claim input credit during the filing of returns for the period ending June 30, 2017. The taxpayer, thus, must ensure that all such goods and services are eligible for such a credit under the new GST law.

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srinivas (Finance Manager) (239 Points)
Replied 19 March 2017

Dear Mr.Samir,

Thank you for ur valable answer.

(Guest)

https://vakilsearch.com/advice/gst-transition-input-credits/

Manish Khimavat (35 Points)
Replied 20 March 2017

Thanks for your valuable feedback.

Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 20 March 2017

Input Tax Credit Under VAT can be carried forward to GST if there is any balance. For service providers or dealers/ manufacturers of exempted goods presently- taxable in GST the VAT credit in goods lying in stock is available.

Cenvat Credit balances lying with manufacturers/ service providers can be carried forward. For traders registration as 1st stage/ 2nd stage dealers or manufacturers prioro to 1st July to enable central excise credit is reocmmneded.

Past credit verification for compliance and missed credits can be a beneficial activity done by the consultant.

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Lohit Poddar (article) (39 Points)
Replied 22 March 2017

@ Madhukar Sir...Respected Sir

SSI will also be eligible for excise credit and they dont need to take registration unless and until turnover exceeds Rs.1.5 crore...So do traders need to take registration as said above??Won't they will be able to get cenvat credit by getting the benefit of SSI??

Julius Cardozo (2 Points)
Replied 30 April 2017

Would the VAT credit and/ or the Excise duty credit available on inputs lying in stock or inputs contained in semi finished goods be available as CGST or SGST? In other words can such input tax credit be available for utilisation against CGST or SGST or both?

Manish Khimavat (35 Points)
Replied 23 May 2017

at present we are manufacturer, but not registered in excise,but our raw material is with excise. so will we get excise amount carried forward on closing stock after gst comes .

(Guest)

yes u can

credit of stock of 12 months brfore 31 july 2017

u will get but for that u have to prepre a stock statement

of stcok purchas and consume for last 12 months

u dont get the credit which u get earlier

they are some goods and services for which u dont get credit like motor car and expense like

membership charges ect

SACHIN KUMAR VARSHNEY (TAX CONSULTANT) (28 Points)
Replied 07 June 2017

if i registered dealer in excise .but due to exemption limit of 10 years i can't charged excise.

now gst regime what trestment of cenvat.

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SACHIN KUMAR VARSHNEY (TAX CONSULTANT) (28 Points)
Replied 07 June 2017

can manufacturing dealer who registered in ssi .

what the calculation for stock if 17 lac stock lying as at 30.06.2017.

Krishna Priya Selvaraj (2 Points)
Replied 10 June 2017

Our branches have stock that were sent from Ho before

Ketan Prajapati (CA FINAL) (26 Points)
Replied 20 June 2017

we are not reg under excise . our product is exempt under excise and vat but not under gst. we procures raw material under invoice shows value+vat but no excise. we do not possess excise invoice for inputs Lyung in stock. can we avail itc on inputs??

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