Input tax credit under GST
Query (Issue) Started By: – mukesh pareek Dated:- 25-5-2017 Last Reply Date:- 5-6-2017 Goods and Services Tax – GST
Got 9 Replies
GST
Dear Experts,
We are manufacturing dutiable as well as exempted products and taking Cenvat credit on those input only who related to dutiable products.
My question is can we take Input tax credit under GST on those input also who related to our exempted products ?
if yes, then should we take this credit on 30th June before GST implementation or 1st July after GST implementation ?
Please mention specific rule if any related to this situation.
Reply By Himansu Sha:
The Reply:
Transitional provisions of gst act deals such issue.
Reply By Ganeshan Kalyani:
The Reply:
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taxable supplies and partly in non-taxable supplies, then amount of credit shall be restricted to the taxable supplies. Taxable supplies include zero rated supplies and exempt supplies shall include non-taxable supplies.
No credit is eligible if same is not reflected in your return. last return say June. please check your product is still covered under non-taxable supplies. than no meaning of doing such Exercise.
This is my personal view.
Reply By Ganeshan Kalyani:
The Reply:
Sir, if the product which is exempt under the current tax regime turns out to be taxable under GST then the input tax credit paid under earlier tax regime would be available to dealer.
Reply By Robin Singh:
The Reply:
Input tax is CGST, SGST or IGST paid on inpu
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