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.
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Closing stock on 30/06/2017
Replies (3)
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
and that 60 40 is only available if your goods we're covered under excise.
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