30 June 2017
Dear sir , I am a retailer and I purchase goods at 5 % vat before 30-6-17 and now the GST is 18 % on same goods what to go with the difference in tax rate ? I will get credit of 5 % , but what about extra 17 % which I have to pay as GST ? Is it possible to add this amount over MRP ?
Before 30th June 2017, apart from 5% vat, you were also paying excise duty on the same, which was cost to you. Now, from 1st July 2017 onwards, you have to pay GST @ 18%(as you mentioned in query), for which you can avail input tax credit on your outward supplies.
CAclubindia
