Input Tax Credit

[Asked by Guest]

I am a Trading concern who is a distributor of a reputed Italian Door and Window Hardware Manufacturer. The company has an India Office in Mumbai with a stock warehouse. They Import the hardware and bill it on CST 2% to my company and I maintain a stock at my warehouse. They pay the standard Customs + CVD + SAD on the imports but include everything in the final basic price invoiced to me. Only the CST is shown as a seperate tax in the invoice.

I will have a stock of around 50 lacs of this hardware on 1st of July. My question is very simple... will I get any ITC on this stock?? If yes, how much and on the basis of which document?? Any help on this issue will be greatly appreciated.

AI Summary

Input tax credit on pre-GST stock transferable via transitional form, subject to prior tax return position and documentary proof.
Traders registered under VAT may carry forward excess VAT input credit shown in VAT returns by filing Form TRAN-1 within the transitional window, with such VAT credit mapped as SGST. Credit is disallowed if not admissible under GST, if required VAT returns for the prior period are not filed, or if the VAT return does not show excess balance; concessional-form-backed sales credits are transferable only when those forms are produced. Central duties (excise, CVD, SAD) on stock may be carried forward as CGST with duty-paying invoices dated on or after the antecedent cutoff; absent invoices, a restricted proportionate CGST credit for supplies within a limited period may be claimed, subject to documentation and TRAN-1 filing.