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TMI BlogInput tax credit under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, We are manufacturing dutiable as well as exempted products and taking Cenvat credit on those input only who related to dutiable products. My question is can we take Input tax credit under GST on those input also who related to our exempted products ? if yes, then should we take this credit on 30th June before GST implementation or 1st July after GST implementation ? Please mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n specific rule if any related to this situation. - Reply By Himansu Sha - The Reply = Transitional provisions of gst act deals such issue. - Reply By Ganeshan Kalyani - The Reply = Even under GST you will not be able to take the credit of the inputs uses in manufacturing of exempted goods. - Reply By Himansu Sha - The Reply = Please rerfer sec 140(4) of cgst act - Reply By Himansu Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a - The Reply = The due date is the date predcedfing the date when the act is enacted. - Reply By mukesh pareek - The Reply = Dear Ganeshan Kalyani sir, Currently exempted product will be taxable under GST. please clarify considering this. - Reply By Himansu Sha - The Reply = You can take the credit on inputs, inputs contained in semifinishedf goods and finished goods with certain conditio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns . please refer to above section. It has been clarified there. - Reply By MUKUND THAKKAR - The Reply = In case, goods or services or both are partly used in taxable supplies and partly in non-taxable supplies, then amount of credit shall be restricted to the taxable supplies. Taxable supplies include zero rated supplies and exempt supplies shall include non-taxable supplies. No credit is eli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gible if same is not reflected in your return. last return say June. please check your product is still covered under non-taxable supplies. than no meaning of doing such Exercise. This is my personal view. - Reply By Ganeshan Kalyani - The Reply = Sir, if the product which is exempt under the current tax regime turns out to be taxable under GST then the input tax credit paid under earlier tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regime would be available to dealer. - Reply By Robin Singh - The Reply = Input tax is CGST, SGST or IGST paid on input goods or services for making taxable supplies for goods or services ITC of all these levies is available to registered persons. - Input tax credit under GST - Query Started By: - mukesh pareek Dated:- 25-5-2017 Goods and Services Tax - GST - Got 9 Replies - GST - Discussion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management 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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