Can ITC be availed to 2nd term dealer on stock, as VAT for ssd out & input is 0?

How the First Stage VAT products be dealt in GST. Will there be any input available to second stage dealer for their existing stock. Since in Vat for ssd output and input is Nil.?

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2 Answer(s)

I understood your question as how to claim the input for sakes made under gst. One is set of against VAT is allowed. Second there is a exemption of 40% of CGST rate only on the closing stock as of June 30. Hence, it can be physically verified also.

Answered on May 27, 2017.
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Your question seems to be about goods that suffer VAT only on the point of first sale in a state. In such a case, the dealers who do not possess any document for availing input tax credit, they can claim 40% of the output GST tax as credit on the stock of goods lying as on the last day before the date of applicability of GST. Such credit shall only be given on stock having invoices 12 months before the date of first applicability of GST.

Answered on May 27, 2017.
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Your Answer

Gen GST