Inputs held in the stock on the day of appointed day in case of Trading

[Guest]

Dear All Experts,

We have do two Business (1) manufacturing & (2) Trading, currently we are follow the rule 6(3)a of Cenvat Credit Rules-2004, maintain separate account of manufacturing inputs material & for the trading material also, revert service tax credit at turnover ratio prescribe in the central excise law. In above scenario please guide on following points.

1. Trading warehouse material on which we have not take the credit, we have not charged excise duty at the time of sales, not collect duty from our customer, but if duty paid stock laying in trading warehouse on 31^st March-2017. As a closing stock. also after implementation of GST, we have liable to pay GST on above duty paid trading goods, which excise duty paid but do not take credit , in the above case tax paid two time, first at the time of purchase paid excise duty & after 1^st April2017 GST payable, what action we are do? ,
2. We have take trading warehouse goods excise duty credit before 31^st march-2017? which invoice one year time limit not over In current law?, after take credit in excise law and carried forward under section 169 or 170 of GST law?
3. After 1^st April 2017 above credit eligible for carried forward under section 169 or 170 of GST law? But credit not appeared in the last return, then how we have save the credit of duty paid goods laying at trading warehouse s closing stock of 31^st march-2017.

AI Summary

Business Seeks Guidance on Excise Duty and GST Credit for March 2017 Stock Under Sections 169 or 170 A business involved in both manufacturing and trading is seeking guidance on handling excise duty and GST for trading warehouse stock as of March 31, 2017. They have not taken credit for excise duty on stock, leading to potential double taxation with GST implementation post-April 1, 2017. They inquire about utilizing excise duty credit before March 31, 2017, and carrying it forward under GST sections 169 or 170. Responses suggest that the revised GST law may allow credit for inputs held in stock if the supply becomes taxable, but credit is limited to within one year from the invoice date.