RESPECTED SIR/S..
HAVE SOME CLOSING STOCK OF GOODS PURCHASE FROM LUMPSUM TRADERS. ALSO HAVING BILLS BUT VAT NOT SHOWN IN BILL SEPARATELY.
WHICH TYPE OF CREDIT AVAILABLE IN TRAN FORM, FULL VAT CREDIT OR DEEMED CREDIT..
FURTHER WHICH TRAN FORM SHOULD BE USED TO AVAIL TRAN. CREDIT.
THANKING YOU ..
Clarification on claiming tax credits for closing stock from lump sum traders under GST, focusing on VAT credit and TRAN forms. A discussion on a forum addresses the issue of claiming tax credits for closing stock purchased from lump sum traders as of June 30, 2017, under the Goods and Services Tax (GST) regime. The original query seeks clarification on whether full VAT credit or deemed credit is available and which TRAN form to use. Respondents suggest that deemed credit applies to both VAT and excise, with specific guidance on using TRAN 1 for those previously registered under VAT or Central Excise, and TRAN 2 for newly registered individuals. The discussion also touches on the eligibility for full VAT credit and the conditions for deemed credit. (AI Summary)
TaxTMI 
TaxTMI 
