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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Gst for existing stock of new assesse
Replies (13)
it depends on kind of stock i.e which article
just tell commodity and ots taxation in present regime. also it de
just tell commodity and ots taxation in present regime. also it de
its a fabric trading company and its a new assesse
fabric trading and currently they are not taxed as the fabric trading is exempt under existing tax laws
so they will be taxed in gst at 5%
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%
if they are purchasing from manufacturer then they might be having duty paid dox. then they will get actual credit
read properly transitional prov rule. 1 along with section 140
what about my existing stock. will it be taxed as per the mentiond rates or any other benefit is available???
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
how gst will be recorded on the exsisting stock
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.
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