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TMI BlogCLOSING STOCK OF LUMPSUM GOODS AS ON 30.06.2017X X X X Extracts X X X X X X X X Extracts X X X X ..... CLOSING STOCK OF LUMPSUM GOODS AS ON 30.06.2017 X X X X Extracts X X X X X X X X Extracts X X X X ..... EEMED 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 und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MARIAPPAN 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the deemed credit percentage .Thanks. X X X X Extracts X X X X X X X X Extracts X X X X
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