input on existing stock, Goods and Services Tax - GST

[Ramprasad Jangir]

what input 40%/60% is given by gst on 30.6.17 stock ,on value of stock as on 30.6.17 or output gst from sales of existing stock

Posts / Replies

[KASTURI SETHI]

If you have not invoices but have stock, Govt. will not allow full credit. Records will be examined before allowing ITC finally. This 40/60 % both are povisional.

[CS SANJAY MALHOTRA]

output GST.

[KASTURI SETHI]

Agreed Sir. I was off the track.

[KASTURI SETHI]

Sir, It was insightful question by the Querist.Otherwise assessees are committing Himalayan blunders by availing ineligible ITC. Pandora's box will be opened for them in 2019 ! I mean to say a flood of SCNs.

[Alkesh Jani]

Sir, I agree with the expert as many are still not aware of filing 3B returns and are not reversing the ITC. Instead availing all the credit. If assessee will not pay penalty but will not escape from Interest I guess.

With regards

[KASTURI SETHI]

Yes Assessees are victims of temptation of RS.500/- per return.