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Yes, If they have duty-paid invoices, the full credit of ITC for existing stock can be transferred to GST. (Refer to Q 24). If no duty paid invoices can be found, traders will have access to a deemed credit program as described below.
Sr. No. | Types of taxpayer | Details to be inform | ITC amount available |
1. | Under central laws trader is not liable to register ( To submit on or before 30.09.2017 , Form TRANS -1 ) | Stock of inputs (held as inputs/ semifinished/finished goods) to be used in making taxable supplies, where duty-paying documents are available with trader | Duty amount will be payable as per sbmitted invoice details |
2. | Under central laws trader is not liable to register ( To submit at the end of the first six month ) | Stock of inputs (contained as inputs/ semifinished/finished goods) that can be used to make taxable supplies in cases where duty-paying documents are not available with trader | If intra-State supplies are made, 60% of the Central Tax will be paid (in the case rate for total tax is 18%/28%) and 40% of the Central taxes paid (in the case rate for total tax is 5%/12%). In the case of inter-State supply, 30% or 20% of the integrated tax will be allowed |