input on existing stock

[Ramprasad Jangir]

what input 40%/60% is given by gst on 30.6.17 stock ,on value of stock as on 30.6.17 or output gst from sales of existing stock

AI Summary

Concerns Over Incorrect ITC Claims Under GST: Risk of Penalties and Interest for Taxpayers Without Proper Invoices A query was raised regarding the input tax credit (ITC) on existing stock as of June 30, 2017, under the Goods and Services Tax (GST) regime. The discussion highlighted that without proper invoices, the government would not allow full credit, and the provisional 40%/60% credit is subject to records examination. Participants expressed concerns over taxpayers mistakenly claiming ineligible ITC, potentially leading to legal issues in 2019. There was consensus that many taxpayers were unaware of proper filing procedures, risking penalties and interest for incorrect ITC claims. The discussion emphasized the importance of accurate tax compliance.