Input credit on closing stock, Goods and Services Tax - GST

[Renu Aggarwal]

Hello,

​​​​​​​My query is about the adjustment of input credit in case of importer. I want to know how n to what extent an importer can get the input credit of CVD N SAD on closing stock as on 30.06.2017. Rate of gst will be applied 12% under current GST Act. N how will the CVD 12,5%n SAD 4% be set off against.

Posts / Replies

[Rajagopalan Ranganathan]

Madam,

As per Section 140 (1) of CGST Act, 2017, "a registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, the amount of CENVAT credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished by him under the existing law in such manner as may be prescribed:"

Procedure for manner of taking the credit and other points such as status of excess credit available etc. at yet to be prescribed. We have to wait till such presciption is notified by the Government.