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

Clarity on GST Applicability for Excise Duty: Await Final Act and Rules for Credit on Stock and CENVAT Issues. A user inquired about the applicability of GST on excise duty paid for stocks of finished goods, such as pharmaceuticals and cosmetics, after April 1, 2017, and whether credit for this duty would be allowed. Additional questions concerned the allowance of un-availed CENVAT credit on capital goods and inputs held in stock. Two respondents advised waiting for the final GST Act and Rules for clarity, as the FAQs indicated that credit would be allowed in certain situations but lacked detailed provisions.