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Treatment of closing stockk after gst of a retailer

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2017 On 30.06.2017, I had a closing stock valued at Rs. 40.00 lac. On the said stock, I had already availed Input Credit when I purchased the stock during various earlier months. I am being registered under VAT having TIN. I do not have any Input Tax Credit balance to be carried forward. All the stock consists of intra state purchases. Now, I want to know how this closing stock will be treated in GST ? As far as I understand, I will have to collect output from my customers at the GST rate when I sell the stockand deposit the same to the Govt. Please guide me .

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

14 July 2017 You will get credit of 40% or 60% of CGST on stock if such goods are taxable in GST.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

14 July 2017 Check Transitional Prov slode in below presentation for clarification in this regard with example GST Presentation https://www.caclubindia.com/share_files/details.asp?mod_id=73459

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