Taxation and credit related issue
Posted By SHIVAM TIBREWAL on Thursday , Jun 08 , 2017 at 14:50:13 PM
It is said that Petroleum and its Products and Alcohol will remain outside the ambit of GST. Although Tobacco & Cigarettes will be within GST ambit, separate Central excise and State VAT, in addition to the GST, will also be imposed on these items. How will the credit chain/set off work when these goods travel in its journey from GST to Central Excise/State VAT regime and vice - versa? How will one implement parallel systems of taxation viz GST, Central Excise, State VAT, State Excise and CV duty in Customs, and still manage the transfer of credit.