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,
\nWe are manufacturing dutiable as well as exempted products and taking Cenvat credit on those input only who related to dutiable products.
\nMy question is can we take Input tax credit under GST on those input also who related to our exempted products ?
\nif yes, then should we take this credit on 30th June before GST implementation or 1st July after GST implementation ?
\nPlease mention specific rule if any related to this situation.
\nReply By Himansu Sha:
\nThe Reply:
\nTransitional provisions of gst act deals such issue.
\nReply By Ganeshan Kalyani:
\nThe Reply:<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" 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 – GSTGot 9 RepliesGSTDear 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 … Continue reading “Input tax credit under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3508","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3508"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3508\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nNo 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.
\nThis is my personal view.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, 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.
\nReply By Robin Singh:
\nThe Reply:
\nInput tax is CGST, SGST or IGST paid on inpu<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n