Treatment of closing stockk after gst of a retailer
This query is : Open
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 .
14 July 2017
You will get credit of 40% or 60% of CGST on stock if such goods are taxable in GST.
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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