Carry forward of input credit

[Arun Aggarwal]

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

AI Summary

Carryforward of input tax credit uncertain as GST replaces VAT/CST; balances shown in returns may be eligible.
Carryforward of input credit when GST replaces VAT/CST depends on pending transitional rules; contributors note that a regularly shown and assessed closing input balance in VAT returns is likely to form the basis for any carryforward claim, even if no physical stock remains, but the final position awaits rule finalisation.