What shall be Gst input on closing stock? We are not excise registered but receive excise bills.
My closing stock includes local purchases and central purchase. We are taking vat input for local purchase. What shall be Gst input on closing stock? We are not excise registered but we receive the excise bills too. Any advantage with these bills?
Yes you will be given the credit of VAT and excise on the closing stock remaining in the business on the opening day of the appointed date. however, only those stocks that were purchased within 12 months proceeding the appointed date will be covered. Also, where bills are available you will get 100% credit of VAT and excise. where no bills are available it shall be restricted to 40%. also the other condition is that such goods should not be exempted under GST otherwise no input would be given on the closing stocks lying as on 30.06.2017