Goods and Services Tax – Started By: – yogesh Panchal – Dated:- 1-12-2016 Last Replied Date:- 6-12-2016 – Dear All Experts, We have do two Business (1) manufacturing & (2) Trading, currently we are follow the rule 6(3)a of Cenvat Credit Rules-2004, maintain separate account of manufacturing inputs material & for the trading material also, revert service tax credit at turnover ratio prescribe in the central excise law. In above scenario please guide on following points. Trading warehouse material on which we have not take the credit, we have not charged excise duty at the time of sales, not collect duty from our customer, but if duty paid stock laying in trading warehouse on 31st March-2017. As a closing stock. also after implementa
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h-2017. – Reply By Ganeshan Kalyani – The Reply = Revised Draft Model GST Law has been published very recently . – Reply By sreemannarayana B – The Reply = The revised Section 18 (4) of revised GST Law states as follows: 4) Where an exempt supply of goods or services by a registered taxable person becomes a taxable supply, such person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finishedgoods held in stock relatable to such exempt supply and on capital goodsexclusively used for such exempt supply on the day immediately precedingthe date from which such supply becomes taxable:However,under Section 18
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