I am a little confused over a stock. We were unregistered for VAT as the turn over was below 5 lacs. On 15th June we crossed 5 lacs turnover and we got GST registration by 12th July. Can we charge GST on the materials purchased before GST registration?
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Gst applicablity
Replies (3)
Yes you can. Also you can get the input credit of taxes paid in the earlier regime if you have the invoices and and other documents to prove payment of tax. You are required to file TRANS-1 for the same by Sept 2017 to get the benefit
yes agreed with Mr subrata.
Thanks for the reply. Got the details of the necessary forms and the time limit. Another little confusion. See the scenario as tax percents have changed:-
- Purachse - ₹100 + 5% VAT = ₹105 (Input Vat @ 5% = ₹ 5)
- Sale - ₹110 + 18% GST = ₹129 (Output GST @ 18% = ₹ 20)
How does it work out?
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