Rate difference
This query is : Resolved
VINOD KUMAR
(Querist)
11 November 2017
Govt has revised rate of GST from 28% to 18% & from 18% to 12%
Now we have purchased from suppliers at 28% earlier with the effect we have to give at 18% or 12%.
who will bear the difference ?
Can any one members reply
Vinod
Govt has revised rate of GST from 28% to 18% & from 18% to 12%
Now we have purchased from suppliers at 28% earlier with the effect we have to give at 18% or 12%.
who will bear the difference ?
Can any one members reply
Vinod
11 November 2017
Firstly, please wait for the relevant notification to be issued. The revised rates will be applicable from the date of notification only.
However, if your supplier agrees, ask him to give you a revised bill after the rate changes are implemented. Revised invoice should depict revised rate and revised date. Otherwise, you will have to pay as per original invoice.
However, if your supplier agrees, ask him to give you a revised bill after the rate changes are implemented. Revised invoice should depict revised rate and revised date. Otherwise, you will have to pay as per original invoice.
CA R SEETHARAMAN
(Expert)
11 November 2017
You have to sell at 12% reduced rate and claim ITC on whatever rate you purchased.
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VINOD KUMAR
(Querist)
11 November 2017
ok thank u may be accounting claritiy
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