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Closing stock in shop
hello sir, i have closing stock in my shop which is local and inter state purchase made by me so after july 1 will i have to pay any taxes?
Replies (3)
No taxes would be levied on existing stock.
Over sell of the existing or new stock the GST will be required to be collected as per applicable rate and the same would be deposited to treasury.
How to deal with Central Excise and Input Tax Components of the Closing Stock as on 1st July.
For details refer: 1. https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=7022&kw=Transition-of-Closing-Balance-of-ITC-under-the-present-tax-regime-to-GST-tax-regime
2. https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=111827&kw=Input-credit-on-closing-stock-as-on-appointed-date
2. https://vakilsearch.com/advice/gst-transition-input-credits/
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