Sir
I am a registered dealer and buying goods after paying vat of 13.5% locally and selling them on CST at the rate of 2%, and without claiming any refund adjusting the same in the other trading.
Want to know that what will be the status of any input credit left with me when GST takes over and I will have no stocks but input credit
Arun
Dealers Question Carrying Forward VAT Input Credit to GST Amid Draft Rule Uncertainty; Hope for Non-Lapse Prevails A registered dealer inquires about the status of input credit under the upcoming GST regime, particularly when there is no physical stock but a balance input credit from VAT. Multiple respondents highlight that GST rules are still in draft stages, making it difficult to provide a definitive answer. However, there is a general hope that such credits will not lapse and can be carried forward. The dealer clarifies that the query pertains to VAT and CST transactions, not Cenvat. One respondent suggests that if the VAT input balance is regularly shown in returns, it should be carried forward under GST. (AI Summary)
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