We are a registered Paper Merchant. We have Stock on which VAT @ 5% was paid earlier but now 12% GST is to be charged. But since it is not possible for us to increase the selling price, we have to bear the difference of 7%. Do we have any remedy on the same.
To increase the price can be the only optimum solution as the increase tax burden has to bear by ultimate consumer so you can increase price slowly if not at one go.
60% credit is available on stock on the items 18% and above, while 40% is available on the items below 18%
read the procedure here
www.cbec.gov.in/htdocs-cbec/gst/transition-rules-04062017.pdf
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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