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Gst for existing stock of new assesse

shweta bandi (article) (13 Points)

19 June 2017

on which basis stock taking should be done for new assesses on 30th june. what wil be the GST implication for the same.

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13 Replies

Gagan Singla (564 Points)
Replied 19 June 2017

it depends on kind of stock i.e which article

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Gagan Singla (564 Points)
Replied 19 June 2017

just tell commodity and ots taxation in present regime. also it de

Gagan Singla (564 Points)
Replied 19 June 2017

just tell commodity and ots taxation in present regime. also it de

shweta bandi (article) (13 Points)
Replied 19 June 2017

its a fabric trading company and its a new assesse

Gagan Singla (564 Points)
Replied 19 June 2017

fabric trading and currently they are not taxed as the fabric trading is exempt under existing tax laws

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Gagan Singla (564 Points)
Replied 19 June 2017

so they will be taxed in gst at 5%

Gagan Singla (564 Points)
Replied 19 June 2017

if yarn and cloth manufacturing is exciseable and vatable then ut asesse will get credit of 40% on 5% i.e the effective is 3%

Gagan Singla (564 Points)
Replied 19 June 2017

if they are purchasing from manufacturer then they might be having duty paid dox. then they will get actual credit

Gagan Singla (564 Points)
Replied 19 June 2017

read properly transitional prov rule. 1 along with section 140

shweta bandi (article) (13 Points)
Replied 19 June 2017

what about my existing stock. will it be taxed as per the mentiond rates or any other benefit is available???

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Gagan Singla (564 Points)
Replied 19 June 2017

yes existing stock will be taxable at rate i.e 5%on fabrics in gst. only benefit is credit of tax 40% only if certain conditions are fulfilled as given in rules

shweta bandi (article) (13 Points)
Replied 19 June 2017

how gst will be recorded on the exsisting stock

Gagan Singla (564 Points)
Replied 20 June 2017

now taxes have been included in purchase cost, so taxes will now be separated to the extent credit will be available. also note there is no exemption for tax. we have to deposit full tax to govt. and there will be credit in electronic credit ledger of the 40% amount that can be utilised in future.