TaxTMI 
TaxTMI 
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 ??????
VAT input tax credit in GST
14 Jul 2017 
5 Replies 
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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. (AI Summary)
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. (AI Summary)