Can I take benefits of vat & excise for input credit after implantation of GST?
I am a registered dealer in Maharashtra, having wholesale business of household goods with tax rate 6% & 12%. Some of the manufacturer provide invoices with ex duty 6% & 6% vat. Can I take benefits of vat & excise for input credit after implantation of GST?
In case of excisable purchase Bills you can take credit both for excise and Vat on stock held in books on 30.6.2017. but such stock you not be older the 1 year. And in case non-excisable bills, for vat credit, you have to taken actual figure as per purchase bill and for excise credit, an estimated figure of 40% of CSGT tax output liability will be given you as input credit.
Yes it’s part of the transition provision under CGST Act and rules there on. Your inventory should not be more than 1 year and you need to have all the underlying documents eligible for availing the credit. If these conditions are satisfied, your excise will get carried forward as CGST and VAT as SGST.