Without excise duty bill. calculate loss nearly 15 lac, after getting 60%.

We have 1 crore stock within one year purchased from vat. Without excise duty bill we calculated heavy loss nearly 15 lac after getting 60%.

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2 Answer(s)

That 60% clause applicable to CGST Only. You can take credit of VAT as SGST Credit

Answered on June 10, 2017.
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The VAT credit u hv will be fully credited to ur account in sgst credit. but if ur item is taxable at 18 or 28 in gst regime then u will get only 60 percent of cgst payable .if ur item is less then 18 percent tax rate then u ll get 40 percent of cgst payable.and u hv to supply it further in 6 tax periods.

Answered on June 10, 2017.
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Your Answer

Gen GST