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TMI BlogMatrix of Input Tax Credit on opening stock in Transitional Provision u/s 140 of CGST ActX X X X Extracts X X X X X X X X Extracts X X X X ..... Matrix of Input Tax Credit on opening stock in Transitional Provision u/s 140 of CGST Act - By: - CA.VINOD CHAURASIA - Goods and Services Tax - GST - Dated:- 28-8-2017 - - Matrix of Input Tax Credit on opening stock in Transitional Provision Introduction: This article presents a matrix about how to claim input tax credit on opening stock as per transitional provisions u/s 140 of CGST Act, 2017 in respect of various type of situations. Matrix of Input Tax Credit on opening stock in Transitional Provision as per section 140 of CGST Act, 2017 : In case of a Excise and VAT Registered Manufacturer S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Excise plus Vat Invoice 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM Vat C/f as per Vat returns ii) Excise plus CST Invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM Vat C/f as per Vat returns iii) Excise plus Sales tax exempt Invoice 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM Vat C/f as per Vat returns iv) Import Invoice 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM Vat C/f as per Vat returns v) Non Excise plus Vat Invoice 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM Vat C/f as per Vat returns vi) Non Excise plus CST Invoice 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vat C/f as per Vat returns vii) Kaccha Bill or No Invoice 140(1) FG, SMG, RM Cenvat C/f as per Return of Excise 140(1) FG, SMG, RM Vat C/f as per Vat returns viii) Credit of Excise and VAT on Capital Goods 140(2) Balance unclaimed can be C/f if permissible under both the existing law GST law 140(2) Balance unclaimed can be C/f if permissible under both the existing law GST law In case of a Manufacturer Unregistered in Excise but Registered in VAT S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Excise plus Vat Invoice 140(3) FG, SMG, RM 100% of Excise in Bill as CGST 140(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FG, SMG, RM Vat C/f as per Vat Returns ii) Excise plus CST Invoice 140(3) FG, SMG, RM 100% of Excise in Bill as CGST 140(1) FG, SMG, RM Vat C/f as per Vat Returns iii) Excise plus Sales tax exempt Invoice 140(3) FG, SMG, RM 100% of Excise in Bill as CGST 140(1) FG, SMG, RM Vat C/f as per Vat Returns iv) Import Invoice 140(3) FG, SMG, RM 100% of Excise SAD in BOE as CGST 140(1) FG, SMG, RM Vat C/f as per Vat returns v) Non Excise plus Vat Invoice 140(3) FG, SMG, RM NIL 140(1) FG, SMG, RM Vat C/f as per Vat Returns vi) Non Excise plus CST Invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 140(3) FG, SMG, RM NIL 140(1) FG, SMG, RM Vat C/f as per Vat Returns vii) Kaccha Bill or No Invoice 140(3) FG, SMG, RM NIL 140(1) FG, SMG, RM Vat C/f as per Vat Returns viii) Credit of Excise and VAT on Capital Goods NA NIL 140(2) Balance unclaimed can be C/f In case of a Importer Trader, FSD or SSD registered in Excise and Vat S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Import Invoice 140(3) FG 100% of Excise SAD in BOE as CGST 140(1) FG Vat C/f as per Vat returns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) Excise plus Vat Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns iii) Excise plus CST Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns iv) Excise plus Sales tax exempt Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns v) Non Excise plus Vat Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns vi) Non Excise plus CST Invoice 140(3) FG Deemed Credit CGST 140 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) FG Vat C/f as per Vat Returns vii) Kaccha Bill or No Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns viii) Credit of Excise and VAT on Capital Goods NA NIL 140(2) Balance unclaimed can be C/f In case of a Importer Trader unregistered in Excise but registered in Vat S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Import Invoice 140(3) FG 100% of Excise SAD in BOE as CGST 140(1) FG Vat C/f as per Vat returns ii) Excise plus Vat Invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns iii) Excise plus CST Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns iv) Excise plus Sales tax exempt Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns v) Non Excise plus Vat Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns vi) Non Excise plus CST Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Returns vii) Kaccha Bill or No Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns viii) Credit of Excise and VAT on Capital Goods NA NIL 140(2) Balance unclaimed can be C/f In case of a Trader unregistered in Excise but registered in Vat S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Import Invoice 140(3) FG 100% of Excise SAD in BOE as CGST 140(1) FG Vat C/f as per Vat returns ii) Excise plus Vat Invoice 140(3) FG 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns iii) Excise plus CST Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns iv) Excise plus Sales tax exempt Invoice 140(3) FG 100% of Excise in Bill as CGST 140(1) FG Vat C/f as per Vat Returns v) Non Excise plus Vat Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns vi) Non Excise plus CST Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns vii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kaccha Bill or No Invoice 140(3) FG Deemed Credit CGST 140(1) FG Vat C/f as per Vat Returns viii) Credit of Excise and VAT on Capital Goods NA NIL 140(2) Balance unclaimed can be C/f In case of a Unregistered Trader S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Import Invoice 140(3) FG 100% of Excise SAD in BOE as CGST 140(3) FG Deemed Credit as SGST ii) Excise plus Vat Invoice 140(3) FG 100% of Excise in Bill as CGST 140(3) FG ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 100% of VAT in Bill as SGST iii) Excise plus CST Invoice 140(3) FG 100% of Excise in Bill as CGST 140(3) FG Deemed Credit as SGST iv) Excise plus Sales tax exempt Invoice 140(3) FG 100% of Excise in Bill as CGST 140(3) FG Deemed SGST Credit as v) Non Excise plus Vat Invoice 140(3) FG Deemed Credit CGST 140(3) FG 100% of VAT in Bill as SGST vi) Non Excise plus CST Invoice 140(3) FG Deemed Credit CGST 140(3) FG Deemed SGST Credit as vii) Kaccha Bill or No Invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 140(3) FG Deemed Credit CGST 140(3) FG Deemed SGST Credit as viii) Credit of Excise and VAT on Capital Goods NA NIL NA NIL In case of a Unregistered Manufacturer Unregistered both under Excise VAT S. No. Type of Purchase Section Stock CGST Credit Amount Section Stock SGST Credit Amount i) Import Invoice 140(3) RM,SMG,FG 100% of Excise SAD in BOE as CGST 140(3) RM,SMG,FG Deemed Credit as SGST ii) Excise plus Vat Invoice 140(3) RM,SMG,FG 100% of Excise in Bill as CGST 140(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RM,SMG,FG 100% of VAT in Bill as SGST iii) Excise plus CST Invoice 140(3) RM,SMG,FG 100% of Excise in Bill as CGST 140(3) RM,SMG,FG Deemed Credit as SGST iv) Excise plus Sales tax exempt Invoice 140(3) RM,SMG,FG 100% of Excise in Bill as CGST 140(3) RM,SMG,FG Deemed SGST Credit as v) Non Excise plus Vat Invoice 140(3) RM,SMG,FG NA 140(3) RM,SMG,FG 100% of VAT in Bill as SGST vi) Non Excise plus CST Invoice 140(3) RM,SMG,FG NA 140(3) RM,SMG,FG Deemed SGST Credit as vii) Kaccha Bill or No Invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 140(3) RM,SMG,FG NA 140(3) RM,SMG,FG NA viii) Credit of Excise and VAT on Capital Goods NA NIL NA NIL The author is a practising CA based in Delhi and is registered Insolvency Professional. He can be reached at [email protected] , Mob. +91 9953587496. Disclaimer: The views expressed in this article are strictly personal. The content of this document are solely for informational purpose. It doesn t constitute professional advice or recommendation. The Author does not accept any liabilities for any loss or damage of any kind arising out of information in this article and for any actions taken in reliance thereon. - Reply By satbir singhwahi as = Sir Tv , frigde dealer in punjab , has tax paid invoice (tax paid at 1st stage by supplier), i.e. the invoice does not show vat paid amount but simply written Tax paid at 1st stage.How can this dealer take credit in Trans 1. Pls Guide. Dated: 29-8-2017 Reply By CA.VINOD CHAURASIA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as = Dear Sir for the above mentioned problem, request refer point no. 7(d) of tran-1 form Dated: 29-8-2017 - Scholarly articles for knowledge sharing authors experts professionals 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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