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gst impact on closing stock
As it has already been made clear that input credit on stock will given only on purchases of previous 12 months. my query is what will be the impact of gst on goods lying in stock which are older then 12 months. is it possible to sale goods older then 12 months after gst rollout.
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other then ITC what impact will gst have on closing stock. to be more precise will a dealer be able to sell stock older then 12 months. secondly, it is a normal practice to show stock less then actual in books to mainatin profit at lower rate , now will this result in loss to the dealers.
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