GST ON CLOSING STOCK ON 30.06.17
I AM A FERTILISER WHOLESALE AND RETAIL DEALER. I HAVE SOME CLOSING STOCK ON 30.06.16.17. I HAVE PAID VAT AND EXCISE DUTY AT THE TIME OF PURCHASE. NOW I SHALL SALE FERTILISER AND INSECTICIDES. SO IN THE GST PERIOD CAN I CHARGE GST. AND WILL I CREDIT TAX INPUT UNDER THIS LAW?
You can take credit of input of stock in hand on 31.06.2017. Ther input of your stock will reflect in your credit ledger under GST regime. Some conditions are:-
1. You must considered it as input under previous law.
2. You have filled all returns on time.
3. You have successfully migrated to GST law.
I am not sure about from which state you are talking about, but the provisions are same for all the states.
Refer transitional provision section of your state/ut under SGST/UGST Act.
Here are some extract of section 140 of HARYANA SGST ACT, 2017
for your reference
140. (1) A registered person, other than a person opting to pay tax under
section 10, shall be entitled to take, in his electronic credit ledger, credit of the
amount of Value Added Tax, if any, carried forward in the return relating to
the period ending with the day immediately preceding the appointed day,
furnished by him under the existing law in such manner, as may be prescribed:
Provided that the registered person shall not be allowed to take
credit in the following circumstances, namely: –
(i) where the said amount of credit is not admissible as input tax
credit under this Act; or
(ii) where he has not furnished all the returns required under the
existing law for the period of six months immediately
preceding the appointed date; or
(iii) where the said amount of credit relates to goods sold under
such exemption notification claiming refunds as are notified
by the State Government.