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TMI BlogSection 145 of GST LawX X X X Extracts X X X X X X X X Extracts X X X X ..... A registered taxable person, who was not liable to be registered under the earlier law or who was engaged in the manufacture of exempted goods under the earlier law but which are liable to tax under this Act, shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained in semi-finished or finished goods held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in stock on the appointed day subject to the following conditions: such inputs and / or goods are used or intended to be used for making taxable supplies under this Act; the said taxable person was eligible for cenvat credit on receipt of such inputs and/or goods under the earlier law but for his not being liable for registration or the goods remaining exempt under the said law; the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid taxable person is eligible for input tax credit under this Act; the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of duty / tax under the earlier law in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day; and such invoices and /or other prescribed documents were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued not earlier than twelve months But currently we have do two Business (1) manufacturing (2) Trading, we are follow the rule 6(3)a of Cenvat Credit Rules-2004 , maintain separate account of manufacturing inputs material for the trading material also, revert service tax credit at turnover ratio prescribe in the central excise law. In above scenario please guide following points. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Trading warehouse material on which we have not take the credit, we have not charged excise duty at the time of sales, not collect duty from our customer, but if duty paid stock laying in trading warehouse on 30 th June-2017. As a closing stock. also after implementation of GST, we have liable to pay GST on above duty paid trading goods, which excise duty paid but do not take credit , in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above case tax paid two time, first at the time of purchase paid excise duty after 1 st July-2017 GST payable, what action we are do? , We have take trading warehouse goods excise duty credit before 30 th June-2017? which invoice one year time limit not over In current law?, after take credit in excise law and carried forward under section 143 of GST law? After 1 st July-2017 above cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit eligible for carried forward under section 143 of GST law? But credit not appeared in the last return, then how we have save the credit of duty paid goods laying at trading warehouse s closing stock of 30 th June-2017. - Reply By Ramaswamy S - The Reply = Under the GST law, there is no distinction between manufacturer and trader and both are treated as supplier of goods. The GST is pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yable as supplier of goods and not as manufacturer or trader. The account and record rules under the GST to be maintained separately for manufacturer and trader. However, from the input tax credit perspective it is not distinguishable. The definition of input or capital good is wide under GST. The trader can avail the credit of tax paid on the stock held with him on the appointed day. The GST i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s payable on all supplies on or after the appointed day. You may please refer to GST transitional rules in CBEC website in this regard. Hope, clarified. Regards S.Ramaswamy - Section 145 of GST Law - Query Started By: - Yogesh Panchal Dated:- 26-4-2017 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Mana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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