TaxTMI 
TaxTMI 
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
input on existing stock
23 Dec 2017 
6 Replies 
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Input tax credit on pre-GST stock: provisional allocation and records-based eligibility may trigger reversals and interest.
Eligibility to claim input tax credit on stock as of 30.6.17 depends on documentary proof and adjustment against output tax on sales of that stock; absent invoices full credit will not be allowed, records will be examined, and the 40/60 split is provisional and subject to adjustment. Claiming ineligible credit exposes assessees to reversals, interest and potential show-cause notices, so returns and reversal obligations must be complied with and supporting records maintained. (AI Summary)
Eligibility to claim input tax credit on stock as of 30.6.17 depends on documentary proof and adjustment against output tax on sales of that stock; absent invoices full credit will not be allowed, records will be examined, and the 40/60 split is provisional and subject to adjustment. Claiming ineligible credit exposes assessees to reversals, interest and potential show-cause notices, so returns and reversal obligations must be complied with and supporting records maintained. (AI Summary)