What will happen to opening stock as my invoices do not reflect excise payment.

What will happen to opening stock as my invoices do not reflect excise payment. It products are lokely to fall in 18% gst category

Add Comment
4 Answer(s)

As per the transitional rules you can claim the credit of 40% of the tax paid on the supply of such goods in GST regime. you have to first pay the tax and then claim the refund. ICAI has recommended to I creasethis rate to 60%.

Answered on June 5, 2017.
Add Comment

You are not eligible to claim input tax if you dont have the excise duty payment evidence.

Answered on June 5, 2017.
Add Comment

Dear Priyesh, the 40% amount shall be claimed by way of ITC after payment of tax. Refund provisions doesn\’t apply to this particular transition clause.

Answered on June 5, 2017.
Add Comment

Yes you can take 40% of tax paid on CGST portion.

Answered on June 5, 2017.
Add Comment

Your Answer

Gen GST