Gst credit
This query is : Resolved
07 October 2017
Hi everyone, i am a manufacturer of imitation jewellery. We use base metal as copper and brass on which gst is 18% and we sell finished goods i.e. jewellery on which gst is 3%. My concern is every time for me GST will be receivalbe as gst credit is more. So, will i receive GST into my account or it will be carried forward to next month and gets accumulated?
07 October 2017
Yes, after adjustment of input credit, if there is any excess credit available, the same can be carried forward to the next month.
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07 October 2017
thank you for your response. Will i get the gst into my account? because the rate on input is very much more and it will go on accumulating month after month. Is there any possibility of getting it back. It will unnecessary block my working capital.
07 October 2017
You can apply for refund of excess input credit accumulated due higher input tax rate.
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