What will happen to opening stock as my invoices do not reflect excise payment. It products are lokely to fall in 18% gst category
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%.
You are not eligible to claim input tax if you dont have the excise duty payment evidence.
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.
Yes you can take 40% of tax paid on CGST portion.