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Purchase of gst 28% slab product

291 views 3 replies

Hello, 

 

I am a trader, I wanted to know that since the product I sell has been brought to 18% slab from 1st Jan 2019. Should I buy the product at 28% in this month, as if I do I will be able to sell it at 18% slab in next month and I can have 10% extra ITC. 

 

Please advice. 

Replies (3)
it will have no impact, since you have to collect the tax from customer the excess 10% that you are going to pay as input will be adjusted with your future tax liabilities arising due to addition of gross profit margin and other purchase related expenditure in addition to your costs of purchased products.

Can be done

The credit of GST paid at 28% now at time of purchase can be availed when the product is supplied to customer next month charging applicable output GST

 

good clarification and information


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