Stock declaration by the dealers registered under Sikkim Value added tax for GST migration
Commercial Taxes Division – Government of Sikkim has issued a important Notice regarding stock declaration by the dealers registered underSikkim Value added tax for GST migration. Under Section 140 of the Model GST Law the balance input tax credit at the end of VAT period will be allowed to be carried over to the GST system.
A new link under heading “Stock 31-3-2017” will appear in dealer’s screen at 8 PM on 31 March 2017.The link will provide a table where the dealer shall have to enter quantity and value of registered dealing goods lying in stock in the end of 31st day of March 2017. “The link will continue appearing only till 8 PM of 7 April 2017.”
The balance input tax credit to be carried over to GST system from 1 July 2017 will be verified on the basis of declaration of stockas on 31 March 2017 filed in the link. If any dealer fails to declare closing stock of 2016-17 through the link, he will not be allowed to carry over balance input tax credit to GST system.”