As regards the ED paid prior to GST roll out, it is proposed that the govt. would consider to compensate
40% of the ED paid regardless of the billing source (Plant or C&FA). This however, will be available subject
to declaring the opening stock as on 1st July 2017 on the GST portal. Govt. has provided 6 months’ time
to liquidate such inventories declared on the 1st of July. (i.e. up to 31st Dec 2017). Please exercise care to
upload the actual / accurate inventory on to the GST portal on the 1st of July’17 to avoid any complications
of reconciliations and thereby possible penalties.
If We are not able to liquidate the stock in 6 month what will be the penalty?
CAclubindia
