Nakul Sharma (Business Development Executive ) 23 August 2021

Upcoming gst liability

I have VAT credit on my closing stock of goods.Can I claim it as refund in my or can I carry it forward and set it off against my upcoming GST liability?

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Quick Summary

This discussion addresses how to handle VAT credit on closing stock under the new GST regime. It explains that you can claim this credit by filing Form Tran-1, provided all previous VAT returns are up-to-date. The credit can be used as a refund or offset against future GST liabilities.

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Dr J C Vashista (Advocate) 24 August 2021

Post your query in CA Club if you are seeking obligation

Kevin Moses Paul 24 August 2021

As per your concerned topic it's best to ask such queries from some Chartered Accountants (CA's) since they expert in taxation field.
But, I'm trying to answer your question with as much as I know regarding GST claims, however it's better to cross-check the same with someone with expertise.

Basically, VAT credit can be claimed by you in respect of closing stock held as on 30th June. But, in order to claim the same you are required to file the named "Form Tran-1" .

Moreover, you can claim 100% of the VAT credit provided you have filed all the returns required under the existing law for the period of six months immediately preceding the appointed date.

Hope It Helps!

Regards
Kevin M. Paul

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