Inputs held in the stock on the day of appointed day in case of Trading
Query (Issue) Started By: – yogesh Panchal Dated:- 1-12-2016 Last Reply Date:- 6-12-2016 Goods and Services Tax – GST
Got 2 Replies
GST
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, b
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eturn, then how we have save the credit of duty paid goods laying at trading warehouse s closing stock of 31st march-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
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