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closing stock
i have closing stock in my textile cloth trading business. i want to know is there any effect of cost increment or not?
Replies (4)
yes cost will increase as 5% tax on sale of fabrics
yarn is taxed at 18%
fabric is taxed at 5%
If your turnover is <20 lacs per year then purchase cost will increase by the amount of tax as you have to pay gst on purchase if seller is registered. in case of your turover >20 lacs you have to get your self registered and you will collect gst on sale and after reducing gst paid on purchase net amount will be paid to govt therefore no cost increase in 2nd case.
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