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GST is profit or loss
I'll give best of my knowledge...
How to claim ITC on old stock? Which Form to choose?
Any business having a closing stock -whether registered or not before GST, will be entitled to claim credit of tax paid under pre-GST regime. This claim of ITC also depends on few conditions which we will discuss further.
To help businesses transition smoothly and carry forward their input tax credit, the CBEC has released 2 transition forms called TRAN 1 and TRAN 2. Both these forms can be filed on ClearTax.
| Form type | Who can file | Who cannot file | When to file |
| TRAN 1 | Registered persons under GST, may be registered or unregistered under old regime | Those registering under GST as composition dealer | 31st October 2017 |
| TRAN 2 | Registered persons under GST but unregistered or under old regime A dealer or trader who does not have documents of duty paid |
A manufacturer registered under excise A service provider registered under service tax |
Monthly from July 2017 to December 2017 |
Sir if manufacterer is taxable under Excise, Excise duty was 12.5% and Vat 13.5% and if GST is 28% then only 2% extra from buyer's pocket not for seller he is only media. If GST is 18%, then tax reduce to 8% is it right
Over all Yes..
But, Based on VAT to GST it's not matched in my view only.
Bcoz, VAT is get some rate of tax.
So, Over all GST is best in my view. Also all provisions face starting troubles. The same is in GST (GST in only in website not in law. Law is pakka)
But mfgr used to Charge ED and VAT/CST as the case may be and dealer can not claim of ED as he was not Excise registered Person, this affect his cost of sale, in some cases GST is profit for dealer i
Please understand the VAT. It's called "Value Added Tax". It means every stage the VAT is calculated....
From mfg it's 100 + ED + VAT = BV (Bill Value)
Next Stage it's BV + M (Margin) + VAT = BV 1...
Next Stage it's BV1 + M + VAT = BV 2...
next BV 2, BV 3, BV4....
So, the value is increasing from first stage to end-user....
No loss for dealers. Loss only by end user...
It's arrested in GST....
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