I have a client of Trading Business in Pan Masala.
Let's assumed he has a 30,00,000/- of opening stock of Pan Masala on 1st, July. He claimed VAT Credit carried forward in GST from VAT. Compensation Cess rate of GST on Pan Masala is 60%.
now my question is, Compensation cess are liable to charge on Opening Stock of Pan Masala ?
if liable then my sale value are going very high because of 60% Cess.
plz reply
CAclubindia
