TMI BlogInputs held in the stock on the day of appointed day in case of TradingX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All Experts, We have do two Business (1) manufacturing (2) Trading, currently we are follow the rule 6(3)a of Cenvat Credit Rules-2004 , maintain separate account of manufacturing inputs material for the trading material also, revert service tax credit at turnover ratio prescribe in the central excise law. In above scenario please guide on following points. Trading warehouse m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aterial on which we have not take the credit, we have not charged excise duty at the time of sales, not collect duty from our customer, but if duty paid stock laying in trading warehouse on 31 st March-2017. As a closing stock. also after implementation of GST, we have liable to pay GST on above duty paid trading goods, which excise duty paid but do not take credit , in the above case tax paid tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o time, first at the time of purchase paid excise duty after 1 st April2017 GST payable, what action we are do? , We have take trading warehouse goods excise duty credit before 31 st march-2017? which invoice one year time limit not over In current law?, after take credit in excise law and carried forward under section 169 or 170 of GST law? After 1 st April 2017 above credit eligible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for carried forward under section 169 or 170 of GST law? But credit not appeared in the last return, then how we have save the credit of duty paid goods laying at trading warehouse s closing stock of 31 st march-2017. - Reply By Ganeshan Kalyani - The Reply = Revised Draft Model GST Law has been published very recently . - Reply By sreemannarayana B - The Reply = The revised Section 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) of revised GST Law states as follows: 4) Where an exempt supply of goods or services by a registered taxable person becomes a taxable supply, such person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finishedgoods held in stock relatable to su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch exempt supply and on capital goodsexclusively used for such exempt supply on the day immediately precedingthe date from which such supply becomes taxable:However, under Section 18(5) the rider is continued stating that, credit notavailable on any supply of goods and / or services after the expiry of oneyear from the date of issue of tax invoice relating to such supply. This amendment may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solve your problem. - Inputs held in the stock on the day of appointed day in case of Trading - Query Started By: - yogesh Panchal Dated:- 1-12-2016 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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