TMI BlogCarry forward of input creditX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir I am a registered dealer and buying goods after paying vat of 13.5% locally and selling them on CST at the rate of 2%, and without claiming any refund adjusting the same in the other trading. Want to know that what will be the status of any input credit left with me when GST takes over and I will have no stocks but input credit Arun - Reply By KASTURI SETHI - The Reply = Still so many rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es are at draft stage. Picture will be clear only after finalisation of all GST Rules. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Only Telengana State has passed the SGST Bill. Other States have not yet come to the picture. As rightly said by Shri Sethi your query cannot be given answer at this stage. - Reply By Ganeshan Kalyani - The Reply = CBEC releases draft rules on Accounts and R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecords, Appeals and Revision and Advance Ruling under GST, in the public domain on 19th April, 2017. The Government has invited comments on these draft rules from the stakeholders by 27 April 2017. The above justifies that still rules are under draft stage. - Reply By Himansu Sha - The Reply = When the law has not been set out, it is not possible to comment. But hope the best. - Reply By KAST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... URI SETHI - The Reply = As expressed by Sh.Kalyani Ji, on the basis of my experience I am hopeful that such credit would not lapse and would be carried. At present it is wild guess and ray of hope in favour of assessees. - Reply By Govind Gupta - The Reply = Hi Arun, you are saying that what happens to the credit for goods which are not with you, i am not sure if i have understood your questi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on correctly. - Reply By KASTURI SETHI - The Reply = Dear Querist, Sh.Govind Gupta has rightly raised query. How the balance of cenvat credit would be in your Cenvat Account without physical stock on the appointed day ? Pl. clarify your query. - Reply By arun aggarwal - The Reply = Sir I am referring to the case of vat and cst , where I buy goods locally after paying vat of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13.5% and selling them to the other state on 2% cst . So I have vat input left with me local vat - cst so no physical stock but balance input. It is not Cenvat Arun - Reply By MUKUND THAKKAR - The Reply = Are showing closing balance in your vat returns regularly ? if yes than you have to carried forward same amount under GST. it is not necessary to you have stock on hand in respect of vat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit. - Reply By arun aggarwal - The Reply = Sir Yes I m showing the input balance in my all relevant vat rerturns and duely assesed. Tnx - Carry forward of input credit - Query Started By: - arun aggarwal Dated:- 23-4-2017 Goods and Services Tax - GST - Got 10 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nagementindia - 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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