Can ITC be claimed for raw material, finished goods purchased before 1st July?

Can the mfg claim ITC on stock in hand on 30/06/2017 of raw material as well as finished goods who has purchase the raw material from the supplier who has charge excise duty & vat as well please explain

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2 Answer(s)

Only GST.

Answered on June 26, 2017.
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Yes ITC can be carried forward to GST subject to our all return has been filed under current tax regime for 6 month previous to the scheduled GST date and related closing stock detail statement to be filed with GST to avail ITC under GST, where as the carried forward ITC shall be utilized with six month I.e. stock shall be disposed off within six month.

Answered on June 26, 2017.
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Your Answer

Gen GST