what is the process on GST implementation... before there were no tax on retail counter on length clothes. now from 1st July. will stock will taxed @ 5% to the buyers over existing rate?
please help
will have to take GST no.?
7 Replies
CA NEHA RAMPURIA
(Taxation Consultant)
(1823 Points)
Replied 19 June 2017
YES if your aggregate turnover exceed 20 lac / 10 lac incase of north eastern states. you could also go for composite scheme where you would require to pay tax at 1% and file return quartely if your aggregate turnover doesnt exceeds 75 lacs
CA NEHA RAMPURIA
(Taxation Consultant)
(1823 Points)
Replied 19 June 2017
no you would be charging only gst at 5% , no other existing rate would prevail
Shubham
(chartered accountant)
(50 Points)
Replied 19 June 2017
if I charge 5% GST on my existing closing stock on which I have no input tax credit. will I give 5% tax to the government? this would raise the price a lot. how this is to be treated?
CA NEHA RAMPURIA
(Taxation Consultant)
(1823 Points)
Replied 19 June 2017
do back calculation , lower your profit , apply gst
NITIN KOTAK
(SERVICE)
(1465 Points)
Replied 19 June 2017
composition scheem allowed for only intra state you cannot sales interstate as well as ecommerce site.
NITIN KOTAK
(SERVICE)
(1465 Points)
Replied 19 June 2017
you can eliable 40% tax relife on opening stock due to provision of tax reliefe if tax rate less than 18% if item rate 18% or more than 18% you are eligable for 60%
CA Ashwani Agarwal
(Practice)
(3049 Points)
Replied 22 June 2017
in the conditions for composition scheme it is written that... if a person opts for composition scheme he has to first pay reverse tax on goods bought by him from unregistered dealers...
So because all the cloth merchant have stock purchased from unregistered dealers... do they all have to pay reverse tax on their stock if they want to come into composition scheme
So because all the cloth merchant have stock purchased from unregistered dealers... do they all have to pay reverse tax on their stock if they want to come into composition scheme
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
