TaxTMI 
TaxTMI 
TaxTMI 
CLOSING STOCK OF LUMPSUM GOODS AS ON 30.06.2017
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....LOSING STOCK OF LUMPSUM GOODS AS ON 30.06.2017<br> Query (Issue) Started By: - NAREN KHATRI Dated:- 13-9-2017 Last Reply Date:- 14-9-2017 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>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 DE....
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....EMED CREDIT.. FURTHER WHICH TRAN FORM SHOULD BE USED TO AVAIL TRAN. CREDIT. THANKING YOU .. Reply By Himansu Sekhar: The Reply: Deemed credit. Information to be put in both tran 1 and 2 forms. Reply By Ganeshan Kalyani: The Reply: In my view deemed credit is for excise. For Vat full credit is eligible . Reply By KASTURI SETHI: The Reply: Trans 1 is for those who are already registered unde....
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....r VAT or Central Excise. For newly registered Trans 2 is to be filled. If you have invoices and paid VAT or Central Excise, you would get full credit othrrwise 40 % as deemed credit to be allowed by the department after uploading TRANS 1or TRANS 2. Reply By Himansu Sekhar: The Reply: Deemed credit can be both for vat and excise. Reply By KASTURI SETHI: The Reply: Yes. Himanshu Ji. Reply By M....
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....ARIAPPAN GOVINDARAJAN: The Reply: I endorse the views of Shri Sethi. Reply By Ganeshan Kalyani: The Reply: Sir, i have not come across the quantum of Vat credit allowed on closing stock as on 30th June 2017 . If a person was registered under VAT he can carry forward the excess VAT shown in return by declaring the same in GST TRAN 1. And if the person was unregistered, then i would like to know ....
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....the deemed credit percentage .Thanks.<br> Discussion Forum - Knowledge Sharing ....