GST

Traders currently are not allowed to take cenvat credits. As of July 1, 2017, they will have duty-paid stock. It possible, however, that traders might not have the duty-paid documents for such stock. Are there any GST plan that allow trader to claim GST?

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 taxpayerDetails to be informITC 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 traderDuty 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 traderIf 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

 


State the benefits of E-way bill.


When can be the implementation of E-way bill be done?