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Corporate News *   Pilot Implementation of Paperless Processing under SWIFT *   Anti-dumping duty levied on the imports of " Color Coated/ Pre-Painted flat products of alloy or non-alloy steel " s *   Anti-dumping duty levied on the imports of "Wire Rod of Alloy or Non- Alloy Steel "   *   Exemption on goods imported by EOUs from integrated tax and compensation cess   *   Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver  *   Appointment of Common Adjudicating Authority by DGRI  *   Amendment in various Customs exemption notifications to exempt Integrated Tax/Cess on import of goods under AA/EPCG schemes  *   BCD and IGST rates on certain goods prescribed   *   Amendment in rates of supply of services  *   Integrated Tax rate on the leasing of motor vehicles prescribed.  *   RCM to apply on supply of Used vehicles, seized and confiscated goods, old and used goods, waste and scrap  *   Amendment in notification no. 8/2017-IT dated 14.09.2017 so as to add certain items to the list of “handicrafts goods”  *   Exemption to few goods from GST  *   Amendment in rates of goods *   Applicability of RCM on Supply of services by the members of Overseeing Committee to Reserve Bank of India  *   RCM on supplies from unregistered dealers postponed till 31.03.2018  *   Cross-empowering State Tax officers for processing and grant of refund  *   Exemption to persons making inter-State supplies of taxable services from registration under section 23(2).  *   Compensation cess rate on the leasing of motor vehicles prescribed.  *   Reduction in cess rates for leasing of motor vehicles purchased and leased prior to 01.07.2017.  *   Central Tax rate on the leasing of motor vehicles prescribed.  *   Reduction GST for MMF yarn from 18% to 12%: SIMA *   Reduction GST for MMF yarn from 18% to 12%: SIMA *   Relief for exporters & SMEs as GST Council reduces compliance issues, rates cut on 27 items *   GST: Small exporters exempt from giving bank guarantee *   Most bizmen may be allowed to file GST returns quarterly *   GST composition scheme takes a quantum leap *   Guidelines on monitoring/ revalidation of Bank Guarantee  *   Amendment in Hand Book of Procedures 2015-20  *   Toor Dal, Moong and Urad have been made ‘free’ for export till further orders
Subject News *   Amendment in exemption notification on supply of services *   Post-GST, tax collection in Goa drops by 22 per cent *   GST rules eased: Good news for small traders; Narendra Modi just saved the reform from brink of chaos *   GST simplified: Council cuts tax rates on 27 goods. Here's how consumers will gain *   Deadline for selling pre-GST goods extended to December 31 *     Finance Minister Arun Jaitley Holds Key Meet On GST Glitches: 10 Points   *   Revenue secy says govt, GST Council open to reconsidering decisions on GST *   GST Council set to consider measures to help exporters *  Finance Minister Arun Jaitley Holds Key Meet On GST Glitches: 10 Points *   Revenue secy says govt, GST Council open to reconsidering decisions on GST *   Exchange Rates for conversion of foreign currency notified *   All Industry Rates of Duty Drawback Schedule notified *   The Customs and Central Excise Duties Drawback Rules, 2017 *   Changes in GST rates. *   Changes in GST exemptions *   Regarding restriction of refund on corduroy fabrics *   Exemption on right to admission to the events organised under FIFA U-17 World Cup 2017. *   Reduction in GST rate on specified supplies of Works Contract Services. *   Extension in the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017 *   Seventh amendment to the CGST Rules, 2017 *   Notifying section 51 of the CGST Act, 2017 for TDS *   Granting exemption from registration to a casual taxable person making taxable supplies of handicraft goods. *   Extension in the time limit for filing of GSTR-6. *   Extension in the time limit for filing of GSTR-1, GSTR-2 and GSTR-3. *   Amendment in certain customs notifications in pursuance to change made in Budget 2017-18. *   Exemptions to goods imported for organising FIFA under 17, world cup, 2017 *   Seeks to extend due dates for furnishing details/Returns for the months of July, 2017 and August, 2017. *   System based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B *   Single point service Contact@DGFT eastablished. *   Imposition of CVD on imports of Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products  


(anish) Posted On: 17 Jul, 2017

Respected Sir, Am I avail the input credit on clossing stock which I purchase from ssi units ( excise exempted).Meaning 60% of excise duty on dehalf of without providing excise paid bill.

As per Proviso to Section 140(3) of CGST Act, if you are a trader, then you can avail input credit at the rate of the rate of 60% on such goods which attract central tax at the rate of 9% or more and 40% for other goods of the central tax applicable on supply of such goods after the appointed date and it shall be credited after the central tax payable on such supply has been paid. The condition given in Rule 117 (4) (a)(ii) says that it should not be unconditionally exempt from payment of duty. This has created confusion. The SSI exemption availed on goods implied that the credit will not be available on the same. But it will not lead unconditional exemption notification. Hence, if we follow this analogy then credit is available on the same. In case you are manufacturer or service provider, you cannot claim the same. {Query replied by: Ranu Dhoot, CA}
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