Input credit on closing stock as on appointed date

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..... Input credit on closing stock as on appointed date
Query (Issue) Started By: - Govind Gupta Dated:- 24-4-2017 Last Reply Date:- 25-4-2017 Goods and Services Tax - GST
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GST
Dear Sirs As we are trader and currently not eligible for input tax credit of CVD paid on our imports and ED paid on local purchases, what is the process of computation of credit to be claimed under GST, .....

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..... also as we know, there are two options for your total inventory 1. if you have duty paying document for the closing stock of inventory, a. you are eligible for full credit ( what will the value of credit, is it what we have actually paid or some other computed value) b. does this stock need to be less than 1 year old c. do we need to transfer the credit to customers d. is there any time limi .....

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..... t to clear such stock 2. if we don't have duty paying document for the closing stock of inventory, a. are we eligible only for 40% of CGST portion b. does this stock need to be less than 1 year old c. do we need to transfer the credit to customers d. is there any time limit to clear such stock regards Govind Reply By MUKUND THAKKAR: The Reply: a. you are eligible for full credit ( what wi .....

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..... ll the value of credit, is it what we have actually paid or some other computed value) balance stock value. b. does this stock need to be less than 1 year old. Not stock but invoice is not more than 1 years old on which basis you will claim. c. do we need to transfer the credit to customers no need to transfer any credit to your customer, if transaction is completed before appointed date. d .....

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..... . is there any time limit to clear such stock No. a. are we eligible only for 40% of CGST portion. if your goods suffer excise duty elements, if non duty paid stock is there you can not claim 40%
Discussion Forum - Knowledge Sharing .....

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