How do I treat my closing stock? Can I claim input credit on stock in hand and if so how much?

Hi, we are engaged in the retail of imported health supplements. The same is being categorized under 28%. My query is how do I treat my closing stock? Can I claim input credit on stock in hand and if so how much?

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5 Answer(s)

VAT credit is available as per the VAT return of June quarter irrespective of the quantity of closing stock available.

Answered on June 28, 2017.
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Dear you can claim credit by filling Trans 1 form you can claim credit of vat and excise subject to invoice availability and only up to one year purchase eligible.

Answered on June 28, 2017.
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Please see that these goods are billed to us by the importer against C Form. So the only invoice that we possess is the CST invoice wherein we become liable to pay VAT on it once we sell. So in this situation does the ITC claim apply to us or not?.

Answered on June 28, 2017.
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Yes, you can avail input credit as per your vat return. However ,credit is allowed for only those input goods or service which are purchased or availed from 1/7/2016 to 30/6/2017.

Answered on June 28, 2017.
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No you can not claim cst as itc.

Answered on June 28, 2017.
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Your Answer

Gen GST