If opening stock item is 4% rate under vat then on which % amount to read as ITC on gst act?

If opening stock item is 4% rate under vat then on which % amount to read as ITC on gst act?

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4 Answer(s)

18

Answered on June 5, 2017.
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It depends on HSN code n applicability of GST on that HSN code.

Answered on June 5, 2017.
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Itc can not be available more than Tax is paid. So in this case it will be 4% only

Answered on June 5, 2017.
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VAT paid on closing stock shall be eligible to claim input in GST i.e. @ 4%

Answered on June 5, 2017.
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Your Answer

Gen GST