WHAT IS GST?
GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....
Read more14 Treatment of stock brought forward during transition | |
14 Treatment of stock brought forward during transition
(1) Within a period of four months of the commencement of this Act, all registered dealers
wishing to claim the credit referred to in sub-section (2) of this section, shall furnish to the
Commissioner a statement of their trading stock, raw materials and packaging materials for
trading stock (in this section referred to as “opening stock”) which –
(a) is held in Delhi on the date of the commencement of this Act;
(b) was purchased by the dealer after the first day of April 2004; in such form as may be prescribed.
(2) If –
(a) the dealer has furnished the statement referred to in sub-section (1) of this section;
(b) the opening stock has borne tax under the Delhi Sales Tax Act, 1975 (43 of 1975) at the point specified by the Government under section 5 of the said Act; and
(c) the opening stock has been purchased by the dealer from a registered dealer for such
purposes as are specified in sub-section (1) of section 9 of this Act; the amount of tax borne under the Delhi Sales Tax Act, 1975 (43 of 1975) on such opening stock, determined in such manner and subject to such conditions and restrictions and up to the extent as may be prescribed, shall be credited to the registered dealer as a tax credit under section 9 of this Act: PROVIDED that no tax credit under this section shall be allowed unless the dealer has in his possession, invoices issued by a dealer registered under the Delhi Sales Tax Act, 1975 (43 of 1975) in respect of the purchases of the said goods: PROVIDED FURTHER that the dealer shall claim the entire amount of credit to which he is entitled in a single statement, which accompanies a return furnished under this Act.
(3) For the avoidance of doubt, no tax credit under sub-section (2) of this section can be claimed –
(a) for finished goods manufactured out of tax paid raw material or capital goods;
(b) for any goods that were taxable at last point under the Delhi Sales Tax Act, 1975 (43 of
1975) held at the time of the commencement of this Act;
(c) in a statement furnished more than four months after the commencement of this Act; or
(d) for opening stock which is held outside Delhi.
(4) Every dealer wishing to claim a tax credit in excess of one lakh rupees on opening stock
shall furnish with the statement a certificate signed by an accountant in the prescribed form
certifying that the net credit claim made is true and correct.] 1 Substituted vide DVAT (Amendment) Act, 2005; No. F.14(6)/LA-2005/112, dt. 28.03.2005 w.e.f. 01.04.2005. 2 Sub-sections (5) & (6) of Section 14 omitted vide DVAT (Amendment) Act, 2005; No. F.14(6)/LA-2005/112,dt. 28.03.2005 w.e.f. 01.04.2005.
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GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....
Read moreIn pre-GST regime, goodswere liable to: (i) Excise Duty- on manufacture of goods; (ii) VAT/CST- on sale of goods; (iii) Entry tax- on ...
Read moreGST is levied on every taxable person. Taxable person means a person who carries on any business at any place in India. Such . ..
Read moreGST is a unified tax which is levied on: (i) goods; (ii) services and (iii) a mix of goods and/or services. Any supply of goods or services . .. ...
Read moreGST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.
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Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.
The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .