If closing Stock of VAT 6.05% on 30/06/2017 then tax rate change after GST Applicability to 5%.
In this case shall we reverse 1.05% tax (VAT 6.05- 5% GST) VAT and GST difference.
reverse claimed ITC on 6.05% or not.
Ankur (Advocate) (23 Points)
09 June 2017If closing Stock of VAT 6.05% on 30/06/2017 then tax rate change after GST Applicability to 5%.
In this case shall we reverse 1.05% tax (VAT 6.05- 5% GST) VAT and GST difference.
reverse claimed ITC on 6.05% or not.
Preeti (Team_GSTSoln)
(Team GST Experts)
(1926 Points)
Replied 09 June 2017
no need to reverse any vat % . just carry forward the vat amount in vat return & take credit as SGST in gst by filling trans- form
Ankur
(Advocate)
(23 Points)
Replied 10 June 2017
Preeti (Team_GSTSoln)
(Team GST Experts)
(1926 Points)
Replied 10 June 2017
not as such specified in GST act
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