I want to know, I purchase goods at a vat 5.5,14 %, but after GST I will purchase goods for 18%,28% ,what will happen to my stock? will the price decrease or increase ? how will I make out the difference between VAT and GST ? will I benefit or my stock value will go down ? or it may increase ?
please help..so that I can be prepared!
Whatever input tax credit (as paid by you under VAT over the stock) will be filled by you in last VAT return, and the same will be electronically transfered to GST ledger. So no question of increase or decrease of rates of existing stock.
CAclubindia
