9911796707
TMI BlogInput Tax CreditX X X X Extracts X X X X X X X X Extracts X X X X ..... I am a Trading concern who is a distributor of a reputed Italian Door and Window Hardware Manufacturer. The company has an India Office in Mumbai with a stock warehouse. They Import the hardware and bill it on CST 2% to my company and I maintain a stock at my warehouse. They pay the standard Customs + CVD + SAD on the imports but include everything in the final basic price invoiced to me. Only the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CST is shown as a seperate tax in the invoice. I will have a stock of around 50 lacs of this hardware on 1st of July. My question is very simple... will I get any ITC on this stock?? If yes, how much and on the basis of which document?? Any help on this issue will be greatly appreciated. - Reply By MUKUND THAKKAR - The Reply = Dear, you are eligible to take input tax credit what ever stoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k your hand on 30.06.2017 subject to following condition.if you are registered in VAT. Trader registered under VAT Return filed under VAT shows outstanding/ excess/ unutilised balance of input tax credit The excess input tax credit reflected in the return to be carried forward under GST GST FORM TRAN-1 to be filed by 29th August 2017 The GST FORM TRAN-1 to co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntain details about the credit to be carried forward Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST The balance is not allowed to be carried forward in following cases: The Credit is not admissible in the GST Law All returns for 6 months have not been duly filed under the VAT law Credit attributable to claims related to sales unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Form C , F , E1 , E2 , H etc. not to be allowed unless the forms are duly made available Return filed under VAT does not show excess balance of input tax credit No credit shall be carried forward under GST in respect of VAT Excise duty, Additional Excise Duty, CVD and SAD in respect of stock held on 30th June 2017 Duty paying documents/ invoices are available = ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 623; Credit of Excise and other related duties allowed (subject to few conditions) Date of issue of such invoice must be on or after 1st July 2016 GST FORM TRAN-1 to be filed by 29th August 2017 The GST FORM TRAN-1 to contain details about the credit claimed The GST FORM TRAN-1 to contain details about the stock held on 30th June 2017 Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be carried forward as CGST Duty paying documents/ invoices are not available Credit of Excise and other related duties allowed (subject to few conditions) Credit allowed @ 40% of CGST applicable on supply of the stock after 1st July 2017 Credit allowed in respect of supplies made till 31st December 2017 Documents for procurement of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e goods are essential Goods should not be exempt from excise or nil rated GST FORM TRAN-1 to be filed by 29th August 2017 Credit shall be carried forward as CGST Statement containing details of supplies to be submitted each month for 6 months The GST FORM TRAN-1 to contain details about the stock held on 30th June 2017 - Input Tax Credit - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Query Started By: - Mitul Patel Dated:- 29-6-2017 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion 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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