Closing stock on 30th june 2017
This query is : Resolved
10 June 2017
Hi,
can anyone help me for below matter...
A pharmaceuticals retailer who is purchased goods from wholesaler and sale to consumer. He purchased the goods from wholesaler and paid the tax on MRP to the wholesaler and sales the goods under tax paid items.
After implementation of GST on 1st July 2017 what is closing stock (30th June ) for tax paid goods, is he liable to pay again tax under GST Act. or its exempted. or is there any time limit for transition goods under tax paid goods.
Request you kind help.
Regards
Anirudh
can anyone help me for below matter...
A pharmaceuticals retailer who is purchased goods from wholesaler and sale to consumer. He purchased the goods from wholesaler and paid the tax on MRP to the wholesaler and sales the goods under tax paid items.
After implementation of GST on 1st July 2017 what is closing stock (30th June ) for tax paid goods, is he liable to pay again tax under GST Act. or its exempted. or is there any time limit for transition goods under tax paid goods.
Request you kind help.
Regards
Anirudh
CA R SEETHARAMAN
(Expert)
10 June 2017
He has to pay GST again on the stock held. Input tax credit can be claimed on stock held for up to 12 months.
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