Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Stock of change tax rate by Gov

14 March 2019

we have change flywheel Gear HSN code 8708 (28%)to 8483 (18%).

Now our distibutor told What will he do with the 28% stock material (flywheel gear)

Please help

Reply
Follow
Share

4 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 14 March 2019

Why the HSN being changed ????

The stock of 28% will be sold on charging 28% GST only unless untill the rate for same is not changed

Upgrade to CAclubindia Pro. Subscribe Now!

Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 14 March 2019

Changing of classification can lead to disputes and demands form the revenue. If you have corrected an erroneous classification then it is ok. The distributor can pay only 18%. There would be no impact on the 28% ITC he has availed.

1 Like

shubham sharma (Chartered accountant ) (117 Points)
Replied 14 March 2019

Dear Sir,

What is tax rate is changes now from 28% to 18%. Credit already availed at 28% would remain available or not?

Amit Prakash Singh (118 Points)
Replied 14 March 2019

Dear sir @ Madhukar N Hiregange
we also have stock of flywheel ring 28% can we sell it in 18% because govt reduced rate of flywheel 18% from HSN code 8708 to 8483 by Notification No. 25/2018 Integrated Tax (Rate) DT on 31st December, 2018, GST