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Effect of closing stock.

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 June 2017 Hi i am a trader having approx 25lakh vat paid stock till 30/6/2017.
What will the impact of closing stock under gst ? Do i have to deposit difference of tax.?
Current vat paid 5% new tax 18%
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Amol S Joglekar

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Amol S Joglekar (Expert)
15 June 2017 No, you dont have to deposit the difference.
01. upload your stock as on 30/06/2017....(This is with the assumption that GST comes into play on 01/07/2017.....Most of the softwares are taking care of this part automatically)
02. The sale which you effect out of this stock, you are eligible to get set off (now called as ITC... input tax credit..... ) on this stock...subject to however other conditions as to period of holding of this stock
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