stocks held

[Arun Aggarwal]

Sir

I would be holding stocks which will be CST paid with no excise applicable, when GST comes in,

I would like to know my status, can I take the input in GST of cst and.or I have to pay GST on balance stocks or have to pay GST at the time of sale?

Arun

[KASTURI SETHI]

One must not get tension in advance. Still rules are being framed. Wait for enactment of the same.

[MUKUND THAKKAR]

stock is which will be CST paid and excise duty is not applicable, you can not eligible to take credit under GST regime. GST is payable at time of sales not on stock on hand..

above view as per draft rules...

AI Summary

Input tax credit eligibility for CST paid stocks: draft rules indicate no credit; GST payable on sale. CST-paid stocks on which excise was not applicable are, per draft transitional rules, ineligible for input tax credit under GST; GST is to be accounted for at the time of sale rather than as a transitional credit on stock held, subject to final enactment of the rules.