Credit on Opening stock, Goods and Services Tax - GST

[Vivek anandhan]

Dear Expert

Whether CST 2%( paid on Inter state purchase ) credit allowed on opening stock under GST regime

Regards

Vivek

Posts / Replies

[Vipul Singh]

The answer is big NO

CST paid@ 2% on opening stock will not be allowed in GST regime.

[Himansu Sha]

The credit which is not allowable in the existing law will also not be allowable under gst act

[Raman Singla]

What will the input tax credit in GST (18%) for VAT @5% ????

e.g. ₹10000/- paid VAT is on books for purchase of 2 lacs...now if sale is made of 2 lacs , GST wil be @15 % = ₹36000/-

How much tax should be deposited ??????