The purpose of this PPT is to provide basic overview of transitional provisions on opening stock

1. Input Tax credit on Opening Stock under GST
Mahipal & Co
Chartered Accountants

2. Input Tax Credit of Excise duty, CVD & SAD
Dealer
Registered under Excise
To claim CENVAT credit
carry forward in excise
return of June 2017 –
Not Registered under
excise
If in Possession of
Excise paid invoice -
Claim CENVAT credit on
RM, SFG & FG lying in
Opening stock
If in possession of non
excise pad invoice –
40% or 60% of CGST or
20% or 30% of IGST on
FG sold (out of opening
stock) in next six month
Please refer Section 140(1), 140(3) & relevant rule for detailed provisions

3. Input Tax Credit of Input VAT
Dealer
Registered under VAT
To claim Input credit carry
forward in VAT return of
June 2017
Not Registered under VAT
If in Possession of VAT
invoice - Claim Input
credit on RM, SFG & FG
lying in opening stock
If in possession of non vat
paid invoice – no question
of input credit
Please refer Section 140(1), 140(3) & relevant rule for detailed provisions

4. Excise / CVD / SAD / Service tax / VAT or Entry
tax paid goods received in GST regime
Excise / CVD / SAD / Service tax / VAT or entry tax
goods or services received in GST regime
Claim Input credit under GST if the same is recorded in
books of accounts within 30 days of appointed Day
Please refer Section 140)(5) & relevant rule for detailed provisions

5. Looking to Serve you with
For any clarification required,
please contact:
CA Amit Mahipal
akmahipal@gmail.com