Input on closing stock

Dear Sir,

1) The last date to file the GST TRAN-1 was 27.12.2017. You should provided all the details when you filed for excise. I think now it is lapsed and you can not avail the benefit of VAT paid. Please treat it as a cost.

Thanks

Hi,

As you said that you have already availed of input excise in TRAN1. Except this, allowance of any additional benefit has expired which was only until Sep-17 i.e. 3 months from the roll out of GST.

Now no additional benefits are applicable on any stock lying at the time of implementation of GST. You have to pay GST on sale of the stock now.

Regards,

Yes you can avail input tax credit on closing stocks as on 30th June-17, also you have said that you have filed TRAN 1 in which you have taken input on excise amount paid, how ever if you have documents evidencing of excise duty then you can claim 100% of same as itc. The tax liability is calculated as under -

Tax payable = (Output tax liability + Tax payable under reverse charge) – (Transitional credit + input tax credit availed in the month of July, 2017)

Transitional credit is input tax credit on stocks.

Dear Sir,

You can avail the input tax credit of stock as on 30.06.2017 if you had filed the GST TRAN-1 till 27.12.2017 and you have complete documents in the form of tax invoices which can substantiate your claim of Input tax. In your case it seems that in the previous tax regime you were registered under Excise and VAT in west bengal. Excise on stoack as on 30.06.2017 can be carried forward as CGST and VAT as SGST. If you have shown both in the GST TRAN-1, you can set off the input tax credit against output liability and pay the difference amount.

Thanks

You can avail the input tax credit of stocks as 30th June 2017. Since you said that you have already filed TRAN 1, if you have valid substantiating documents that you have paid the excise duty, you will be able to take the credit for the same.

Hi

TRAN 1 was to be filed by 27.12.2017 for claiming all the inputs of earlier laws. If you have given details of only excise and not for VAT, input of VAT shall not be available now for the stock on GST implementation.

The TRAN-1 has been already filed therefore you can't take any extra credit of that stock. As you were registered in VAT then you must have availed the ITC of VAT already paid on the stock, therefore there is no extra ITC eligible.

If your case is any different, feel free to ask follow up questions.

Hello,

You should have taken Input tax Credit for VAT too in TRAN 1. Did you have any input tax credit carried forward in your VAT return for the month of June'17.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP