I am a proprietor of a supermarket.If I have a stock with old VAT rate 14.5% when Gst comes the rate of tax will be changed to 18%. I had already taken Input tax credit on 14.5% in vat. can I able to get any relief due to the change in rate of tax. how much tax I have to collect from customer. ? will I get any tax relief ? 18% of gst means sgst -9% + cgst 9% is these correct or not ?
please explain ?
If you have any bills for items there in your closing stock as on 30th june in which excise duty or service tax is charged then after gst you can claim input of those things. Input of vat you have already taken in your vat return. If you dont have any excise duty bill then you can claim 40% of cgst (9% * 40% = 3.6%) as input only for stock in hand which was purchased in last 12 months and for this you have to file a return within 60days of appointed date stating stock in hand, from whom it was purchased,at what rate,etc.
18% - for local sales and purchases its 9% sgst & 9% cgst
18%- for interstate sales its 18% igst
CAclubindia
