VAT input tax credit in GST

[Raman Singla]

What will the input tax credit in GST (18%) for VAT @5% ????

e.g. ₹10000/- paid VAT is on books for purchase of 2 lacs...now if sale is made of 2 lacs , GST wil be @15 % = ₹36000/-

How much tax should be deposited ??????

[Himansu Sekhar]

Vat will be entered in tran 1 so that it will be available as sgst credit.

[Ganeshan Kalyani]

VAT credit of ₹ 10 k will be eligible to you to set off against GST liability.

[Ganeshan Kalyani]

Yes, as said by Sri Himansu Ji VAT credit will be allowed to set off against SGST liability.

[Himansu Sekhar]

Thank you sir

[Raman Singla]

Means It will adjusted only in SGST not in IGST ????

AI Summary

VAT credit declared in transition can be used to offset SGST liability but not IGST. Payment of pre-GST VAT may be declared in TRAN-1 to make the VAT amount available as credit under GST; the credited VAT is eligible to be set off against GST liability and, as described in the replies, is applied as SGST credit rather than being adjusted against IGST.