Page 41 - Plastics News June 2017

FEATURES

EVOLUTION
OF CPVC
GST transitional impact

• Inventory management for transitions such as:
o Inventory:
 If Excise Duty paid purchase invoice is available then full credit
available under GST if purchased within 12 months
 If does not have documents evidencing Excise Duty payment then credit
shall be allowed at 40% of CGST applicable on such supply

• Duty paid goods returned to business locations after GST appointed date:
o If by a taxable registered persons – deemed supply under GST;
o If by other than taxable registered persons – within 6 months – refund may
be claimed;

• Goods in transit:
o Input or input services received on or after appointed date but duty or tax
paid under existing law [E.g. removal from plant to branches / depots /
warehouses etc.;
o Credit to be available, if invoice or duty paid document accounted within 30
days from appointed date
VINYL INDIA
2017
21

41 June 2017 | Plastics News