INPUT TAX ON STOCK AS ON JULY 1ST

Can someone guide me as to what happens to the VAT credit I have in the form of stocks as on july 1, 2017?
For example, if I have a stock of value Rs 25,00,000/-as on July 1, inclusive of a VAT component of 5% ie., about 119047/-, can this VAT component be taken as Input tax credit under GST? more  

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Dear Mr. Bhupinder, Under VAT regime only VAT input was available and as you said all the purchase of your company relating to central. So no input is available under gst. You have to file Tran 1 showing available input credit as on 30 june 2017 more  
to simplify and easy movements of good from nnne state to another more  
Yes,  You have to avail the input credit through Trans-1 form in GST Portal. Best WishesKalavati On Saturday, 26 August 2017 8:46 PM, KRISHNAMURTHY VENKATARAMAN wrote: more  
Dear Krishnamurthy If you are (a) registered under VAT,all your purchases would have been recorded and ITC claimed and set off against your output TAX while submitting the VAT return for June. If you have an ITC,after meeting your Tax liability,then that ITC will be carried over to GST and for that you need to file TRAN 01(appropriate Annex).The due date for filing is Sept 30th. (b) If you are not registered under VAT and now registered under GST,then the closing stock and the VAT paid on closing stock can be availed through TRAN 01 return.You should keep the Tax paid invoices in tact for cross verification on a future date. If you have further queries please give more details. more  
dear sir my company is registered with GST. I got my vat registration during april 2017. i had filed 3 vat returns before due dates. my purchase was cental @ 5 %. ( no c form was given against central purchases ) other purchase central was totally tax free. after 01 07 2017 all items are taxable @ 5%. please advise how to calculate the input credit. stock with my company as on 30 06 2017 is say 20 lacs for taxable and 30 lacs for tax-free ,. please help. b k bansal more  
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