Matrix of Input Tax Credit on opening stock in Transitional Provision u\/s 140 of CGST Act
By: – CA.VINOD CHAURASIA
Goods and Services Tax – GST
Dated:- 28-8-2017<\/p>\n
Matrix of Input Tax Credit on opening stock in Transitional Provision
\nIntroduction: This article presents a matrix about how to claim input tax credit on opening stock as per transitional provisions u\/s 140 of CGST Act, 2017 in respect of various type of situations.
\nMatrix of Input Tax Credit on opening stock in Transitional Provision as per section 140 of CGST Act, 2017:
\nIn case of a Excise and VAT Registered Manufacturer
\n S. No.
\n Type of Purchase
\nSection
\nStock
\n CGST Credit Amount
\n Section
\n Stock
\n SGST Credit Amount
\n i)
\n Excise plus Vat Invoice
\n140(1)
\nFG, SMG, RM
\nCenvat C\/f as per Return of Excise
\n140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat returns
\n ii)
\n Excise plus CST Invoice
\n140(1)
\nFG, SMG, RM
\nCenvat C\/f as per Return of Excise
\n 140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat returns
\n iii)\n<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n t Registered in VAT = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ed = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n cise plus Vat Invoice = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n RM,SMG,FG = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Matrix of Input Tax Credit on opening stock in Transitional Provision u\/s 140 of CGST ActBy: – CA.VINOD CHAURASIAGoods and Services Tax – GSTDated:- 28-8-2017 Matrix of Input Tax Credit on opening stock in Transitional Provision Introduction: This article presents a matrix about how to claim input tax credit on opening stock as per transitional … Continue reading “Matrix of Input Tax Credit on opening stock in Transitional Provision u\/s 140 of CGST Act”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7470","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7470","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=7470"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7470\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n S. No.
\n Type of Purchase
\n Section
\n Stock
\n CGST Credit Amount
\n Section
\n Stock
\n SGST Credit Amount
\n i)
\n Excise plus Vat Invoice
\n 140(3)
\nFG, SMG, RM
\n100% of Excise
\nin Bill as CGST
\n 140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat
\n Returns
\n ii)
\n Excise plus CST Invoice
\n 140(3)
\nFG, SMG, RM
\n100% of Excise
\nin Bill as CGST
\n 140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat
\n Returns
\n iii)
\n Excise plus Sales tax exempt
\n Invoice
\n 140(3)
\n FG, SMG, RM
\n100% of Excise
\nin Bill as CGST
\n140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat
\n Returns
\n iv)
\n Import Invoice
\n 140(3)
\nFG, SMG, RM
\n100% of Excise & SAD in BOE as
\nCGST
\n 140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat returns
\n v)
\n Non Excise plus Vat Invoice
\n 140(3)
\nFG, SMG, RM
\nNIL
\n 140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat
\n Returns
\n vi)
\n Non Excise plus CST Invoice
\n 140(3)
\nFG, SMG, RM
\nNIL
\n 140(1)
\n FG, SMG, RM
\n Vat C\/f as per Vat
\n Returns
\n vii)
\n Kaccha Bill or No Invoice
\n 140(3)
\nFG, SMG, RM
\nNIL
\n 140(<\/p>\n
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\nCredit
\nCGST
\n 140(1)
\n FG
\n Vat C\/f as per Vat
\n Returns
\n vii)
\n Kaccha Bill or No Invoice
\n 140(3)
\nFG
\nDeemed
\nCredit
\nCGST
\n 140(1)
\n FG
\n Vat C\/f as per Vat
\n Returns
\n viii)
\n Credit of Excise and VAT on
\n Capital Goods
\n NA
\nNIL
\n 140(2)
\n Balance unclaimed
\n can be C\/f
\nIn case of a Importer Trader unregistered in Excise but registered in Vat
\nS. No.
\nType of Purchase
\nSection
\nStock
\nCGST Credit Amount
\nSection
\nStock
\nSGST Credit Amount
\ni)
\nImport Invoice
\n140(3)
\nFG
\n100% of Excise & SAD in BOE as CGST
\n140(1)
\nFG
\nVat C\/f as per Vat returns
\nii)
\nExcise plus Vat Invoice
\n140(3)
\nFG
\n100% of Excise
\nin Bill as CGST
\n140(1)
\nFG
\nVat C\/f as per Vat
\nReturns
\niii)
\nExcise plus CST Invoice
\n140(3)
\nFG
\n100% of Excise
\nin Bill as CGST
\n140(1)
\nFG
\nVat C\/f as per Vat
\nReturns
\niv)
\nExcise plus Sales tax exempt
\nInvoice
\n140(3)
\nFG
\n100% of Excise
\nin Bill as CGST
\n140(1)
\nFG
\nVat C\/f as per Vat
\nReturns
\nv)
\nNon Excise plus Vat Invoice
\n140(3)
\nFG
\nDeemed
\nCredit
\nCGST
\n140(<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n140(3)
\nFG
\nDeemed
\nCredit
\nCGST
\n140(1)
\nFG
\nVat C\/f as per Vat
\nReturns
\nvi)
\nNon Excise plus CST Invoice
\n140(3)
\nFG
\nDeemed
\nCredit
\nCGST
\n140(1)
\nFG
\nVat C\/f as per Vat
\nReturns
\nvii)
\nKaccha Bill or No Invoice
\n140(3)
\nFG
\nDeemed
\nCredit
\nCGST
\n140(1)
\nFG
\nVat C\/f as per Vat
\nReturns
\nviii)
\nCredit of Excise and VAT on
\nCapital Goods
\nNA
\nNIL
\n140(2)
\nBalance unclaimed
\ncan be C\/f
\nIn case of a Unregistered Trader
\n S. No.
\n Type of Purchase
\n Section
\nStock
\n CGST Credit Amount
\n Section
\n Stock
\n SGST Credit Amount
\n i)
\n Import Invoice
\n 140(3)
\nFG
\n100% of Excise
\n& SAD in BOE as CGST
\n 140(3)
\n FG
\n Deemed Credit as SGST
\n ii)
\n Excise plus Vat Invoice
\n 140(3)
\nFG
\n100% of Excise
\nin Bill as CGST
\n 140(3)
\n FG
\n 100% of VAT in Bill as
\n SGST
\n iii)
\n Excise plus CST Invoice
\n 140(3)
\nFG
\n100% of Excise
\nin Bill as CGST
\n 140(3)
\n FG
\n Deemed Credit as
\n SGST
\n iv)
\n Excise plus Sales tax exempt
\n Invoice
\n 140(3)
\nFG
\n100% of Excise
\nin Bill as CGST\n<\/p>\n
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\n Deemed Credit as
\n SGST
\n iv)
\n Excise plus Sales tax exempt
\n Invoice
\n 140(3)
\nRM,SMG,FG
\n 100% of Excise
\nin Bill as CGST
\n 140(3)
\n RM,SMG,FG
\n Deemed
\n SGST
\nCredit
\nas
\n v)
\n Non Excise plus Vat Invoice
\n 140(3)
\nRM,SMG,FG
\n NA
\n 140(3)
\n RM,SMG,FG
\n 100% of VAT in Bill as
\n SGST
\n vi)
\n Non Excise plus CST Invoice
\n 140(3)
\nRM,SMG,FG
\n NA
\n 140(3)
\n RM,SMG,FG
\n Deemed
\n SGST
\nCredit
\nas
\n vii)
\n Kaccha Bill or No Invoice
\n 140(3)
\nRM,SMG,FG
\n NA
\n 140(3)
\n RM,SMG,FG
\n NA
\n viii)
\n Credit of Excise and VAT on
\n Capital Goods
\n NA
\n NIL
\nNA
\n NIL
\nThe author is a practising CA based in Delhi and is registered Insolvency Professional. He can be reached at cavinodchaurasia@gmail.com , Mob. +91 9953587496.
\nDisclaimer: The views expressed in this article are strictly personal. The content of this document are solely for informational purpose. It doesn't constitute professional advice or recommendation. The Author does not accept any liabilities for any loss or damage of <\/p>\n
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