We will get input 28% or 14.5%. If Purchase stock under state with vat 14.5% and sale from 1st July cst 28%.

I am traders of auto parts & Purchase stock under state with vat 14.5%.when I will declare my stock for GST. In this condition we sale from 1st July cst 28 %. We will get input 28 % or 14.5%. Please confirm any body.

Asked on June 19, 2017 in Automobile.
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2 Answer(s)

As far as stock credit is concerned u 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 19, 2017.
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On your stock 14.5% ITC allowed to elgible beacause you have paid 14.5% tax on your purchases and which is in your stock now. how much tax you paid on purchases is only elgible to deduct input tax from out put tax

Answered on June 19, 2017.
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Your Answer

Gen GST