Clarity on the points as per GST faqs

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..... Clarity on the points as per GST faqs
Query (Issue) Started By: - SANDESH SHINDE Dated:- 10-10-2016 Last Reply Date:- 10-10-2016 Goods and Services Tax - GST
Got 2 Replies
GST
Dear Sir, Request you to please provide clarity as per GST faqs on the below mentioned point. 1)The excise duty is paid on the stock of finished goods lying in the branches. There are many products like pharma .....

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..... ceutical products, paints, cosmetics, etc. which are cleared from the factory on payment of duty to the branches/godown. All these stocks will attract GST after 01/04/2017, any provision has been made to permit the credit of excise duty paid on these stocks. As per GST Faqs, request you to please advise on the following points also: 1)Un-availed CENVAT credit on capital goods, not carried forwar .....

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..... d in a return, to be allowed in certain situations 2)Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations 3)Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme. Thanks and Regards. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Kindly wait the GST Act and the Rul .....

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..... es in the final shape. Any change can be made in the new Act. Reply By Ganeshan Kalyani: The Reply: In FAQ itself it is mentioned that credit would be allowed in certain situation, which implies that still some clarify is awaited. Hence as opined by Sri Mariappan Sir, kindly wait for final provisions to come.
Discussion Forum - Knowledge Sharing .....

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