https://www.taxtmi.com/forum/issue?id=112811 Eligibility for input tax credit on closing stock purchased from lump-sum traders depends on invoices and prior registration. If invoices show VAT or excise paid, full VAT credit may be carried forward by declaring it in TRAN 1 (for previously registered taxpayers) or TRAN 2 (for newly registered taxpayers). If VAT is not shown or not demonstrably paid, a deemed credit-identified in the discussion as a departmental allowance of a percentage after uploading TRAN 1 or TRAN 2-is likely applicable, though contributors differ on whether deemed credit relates solely to excise or also to VAT. en-us Wed, 13 Sep 2017 15:12:19 +0530 Thu, 23 Jan 2025 15:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=112811 Eligibility for input tax credit on closing stock purchased from lump-sum traders depends on invoices and prior registration. If invoices show VAT or excise paid, full VAT credit may be carried forward by declaring it in TRAN 1 (for previously registered taxpayers) or TRAN 2 (for newly registered taxpayers). If VAT is not shown or not demonstrably paid, a deemed credit-identified in the discussion as a departmental allowance of a percentage after uploading TRAN 1 or TRAN 2-is likely applicable, though contributors differ on whether deemed credit relates solely to excise or also to VAT. Discussion-Forum GST Wed, 13 Sep 2017 15:12:19 +0530 https://www.taxtmi.com/forum/issue?id=112811