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Gst for existing stock of new assesse

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13 Points Posted on 19 June 2017

on which basis stock taking should be done for new assesses on 30th june. what wil be the GST implication for the same.

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On 19 June 2017 at 16:32 Report
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564 Points Posted on 19 June 2017
it depends on kind of stock i.e which article
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On 19 June 2017 at 16:50
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564 Points Posted on 19 June 2017
just tell commodity and ots taxation in present regime. also it de
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On 19 June 2017 at 16:51
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564 Points Posted on 19 June 2017
just tell commodity and ots taxation in present regime. also it de
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On 19 June 2017 at 16:51
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13 Points Posted on 19 June 2017

its a fabric trading company and its a new assesse

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On 19 June 2017 at 16:53
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564 Points Posted on 19 June 2017
fabric trading and currently they are not taxed as the fabric trading is exempt under existing tax laws
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On 19 June 2017 at 16:58
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564 Points Posted on 19 June 2017
so they will be taxed in gst at 5%
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On 19 June 2017 at 16:59
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564 Points Posted on 19 June 2017
if yarn and cloth manufacturing is exciseable and vatable then ut asesse will get credit of 40% on 5% i.e the effective is 3%
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On 19 June 2017 at 17:00
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564 Points Posted on 19 June 2017
if they are purchasing from manufacturer then they might be having duty paid dox. then they will get actual credit
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On 19 June 2017 at 17:01
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564 Points Posted on 19 June 2017
read properly transitional prov rule. 1 along with section 140
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On 19 June 2017 at 17:02
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13 Points Posted on 19 June 2017

what about my existing stock. will it be taxed as per the mentiond rates or any other benefit is available???

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On 19 June 2017 at 17:03
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564 Points Posted on 19 June 2017
yes existing stock will be taxable at rate i.e 5%on fabrics in gst. only benefit is credit of tax 40% only if certain conditions are fulfilled as given in rules
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On 19 June 2017 at 17:11
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13 Points Posted on 19 June 2017

how gst will be recorded on the exsisting stock

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On 19 June 2017 at 17:57
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564 Points Posted on 20 June 2017
now taxes have been included in purchase cost, so taxes will now be separated to the extent credit will be available. also note there is no exemption for tax. we have to deposit full tax to govt. and there will be credit in electronic credit ledger of the 40% amount that can be utilised in future.
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On 20 June 2017 at 07:59


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