Input credit on closing stock

[Asked by Guest]

Hello,

​​​​​​​My query is about the adjustment of input credit in case of importer. I want to know how n to what extent an importer can get the input credit of CVD N SAD on closing stock as on 30.06.2017. Rate of gst will be applied 12% under current GST Act. N how will the CVD 12,5%n SAD 4% be set off against.

AI Summary

Input credit transition: entitlement to carry forward CENVAT credits into electronic ledger pending prescribed procedure.
Registered persons other than composition taxpayers may carry forward CENVAT credit into the electronic credit ledger under the CGST Act transition provision; the manner and procedural rules for claiming and applying those carried-forward credits, including the adjustment of legacy import duties on closing stock, are not yet prescribed and await government notification.