TaxTMI 
TaxTMI 
Input tax credit on closing stock
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....nput tax credit on closing stock<br> Query (Issue) Started By: - Umesh Golecha Dated:- 16-7-2017 Last Reply Date:- 17-7-2017 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>dear sir our clie....
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....nt is a retailer dealing in textile and ready made garments . since fabric is exempt from excise can we claim credit on the stock of fabric held as on 30th June 2017 or should we interpret exemption o....
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....f fabric as conditional exemption and therefore making them eligible for credit under gst provisions under section 140. Umesh Reply By KASTURI SETHI: The Reply: Fabric was exempted during Central E....
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....xcise era, Fabric contain duty paid inputs i.e. chemical, dye, yarn or fibre etc. So you can get 40% or 60% credit after intimation of the stock (as on 30.6.17) to the department. At present both text....
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....ile and ready made garments attract GST. You have two months for applying. Reply By Umesh Golecha: The Reply: Thanks for the reply , but would like to draw attention to point no 4 b (I) of transitio....
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....nal provision where it specifically says that in order to qualify for credit under gst (transitional provisions) the goods should not have been unconditionally exempt from excise or subjected to nil r....
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....ate of duty . Since fabric was exempt will it make it ineligible for credit claim ? Reply By KASTURI SETHI: The Reply: Deemed credit @40% would be available. You will pay GST @5% on the pre-GST stoc....
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....k of fabrics. How you call it exempted after 1.7.17 ?<br> Discussion Forum - Knowledge Sharing ....