input credit on closing stock in gst
This query is : Resolved
MOHAMMED ASGAR Bhati
(Querist)
28 May 2017
If Any item was taxable under category of 14.5% tax amd now it is become taxable under 28% category Then if we sell Stock on 1.07. 2017 from the stock which is accumulated before 30.6.17 thn what will be treatment of this difference of 13.5% in Taxation. Because a wholesaler gets the input @ 14.5% and now he Has to Pay 28% then he has to pay 13.5% Extra out of his profit Which brings hardship On that dealer.
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CA R SEETHARAMAN
(Expert)
28 May 2017
Pass on the extra tax of 13.5% to buyer.
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