Clarity on the points as per GST faqs

[Guest]

Dear Sir,

Request you to please provide clarity as per GST faqs on the below mentioned point.

1)The excise duty is paid on the stock of finished goods lying in the branches. There are many products like pharmaceutical products, paints, cosmetics, etc. which are cleared from the factory on payment of duty to the branches/godown. All these stocks will attract GST after 01/04/2017, any provision has been made to permit the credit of excise duty paid on these stocks.

As per GST Faqs, request you to please advise on the following points also:

1)Un-availed CENVAT credit on capital goods, not carried forward in a return, to be allowed in certain situations

2)Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations

3)Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme.

Thanks and Regards.

[DR.MARIAPPAN GOVINDARAJAN]

Kindly wait the GST Act and the Rules in the final shape. Any change can be made in the new Act.

[Ganeshan Kalyani]

In FAQ itself it is mentioned that credit would be allowed in certain situation, which implies that still some clarify is awaited. Hence as opined by Sri Mariappan Sir, kindly wait for final provisions to come.

AI Summary

Input tax credit eligibility for pre-GST excise duties on stock is conditional pending final transitional rules. Eligibility to claim input tax credit for excise duties paid on finished goods held in branches or godowns is conditional and subject to transitional provisions; FAQs state credit will be allowed in certain situations, specifically mentioning unavailed CENVAT on capital goods, duties on inputs held in stock, and credits for persons switching from a composition scheme, but final entitlement awaits the GST Act and rules.