How much input we will get on stocks held on 30th June? We have stocks that is tax paid on MRP (5.5%).

I am a distributor dealing in Medicines. We have stocks that is tax paid on MRP (5.5%) at first point . We don’t take input credit currently. Now tell us how much input we will get on the stocks held on 30th June.

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As far as stock credit is concerned you will get 100% of credit of VAT under SGST act… and even 100% of credit on Excise if you have Excise paid bills… if not you will get 60 % Excise credit on 28% slab and 40% credit in less than 18% slab … under CGST act

Answered on June 20, 2017.
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Gen GST