XYZ were registered under Excise as manufacturer and they were also partly carrying out trading from the same premises. Certain goods were imported by them for trading and the goods which were in stock on the date when GST was implemented, XYZ claimed transitional credit of the same against the actual bill of entry. GST auditors are not allowing transitional credit on the same since they are trading items. Is XYZ eligible for this credit?
Kaustubh Karandikar Asked question October 1, 2020
Credit should be allowed as anyways upon sale of such goods GST will eventually be paid by such person.
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Frah Saeed Changed status to publish October 3, 2020