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tax on closing stock
Earlier textile was exempted from tax. now textile has been taxed at 5 percent.what will be the consequence on closing stock as on 31st June. shall we have to pay tax on closing stock.
Replies (3)
No.
You will be charging GST @ 5%, without any input credit for deduction!!
We are retailers so charging gst means we have to pay tax
Actually, you are supposed to collect it from your customer and pay to Government!!!
That is one of the main principle of GST, though initially it would be difficult to adopt........
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