Goods and Services Tax – Started By: – Yogesh Panchal – Dated:- 26-4-2017 Last Replied Date:- 28-4-2017 – A registered taxable person, who was not liable to be registered under the earlier law or who was engaged in the manufacture of exempted goods under the earlier law but which are liable to tax under this Act, shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day subject to the following conditions: such inputs and / or goods are used or intended to be used for making taxable supplies under this Act; the said taxable person was eligible for cenvat credit on receipt of suc
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ng 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 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 30th June-2017. As a closing stock. also after implementation of GST, we have liable to pay GST on above duty paid trading goods, which excise duty paid but do not take credit , in the above case tax paid two time, first at the time of purchase paid excise duty & after 1st July-2017 GST payable, what action we are do? , We have take trading warehous
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