Gst on mobile increase 12% to 18%

306 views
User Avatar

55 Points Posted on 31 March 2020
I have stock of mobile in 12% rate but now from 1st april 2020 rate change to 18%.
how can i sell 12% stock.
0 Reply Share Follow
On 31 March 2020 at 21:17 Report
Replies (10)
Quick Summary
This discussion addresses the confusion surrounding the GST increase on mobile phones from 12% to 18% effective April 1st, 2020. It clarifies that while stock purchased at 12% GST needs to be sold at the new 18% rate, businesses can recover the difference. The input tax credit mechanism ensures that the additional 6% GST is paid using collected customer payments, not from the seller's pocket, thus preventing a direct financial loss on the tax amount itself.

User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 31 March 2020
From April-20 You can sale the stock with rate of 18% GST...
Reply
On 31 March 2020 at 22:02
User Avatar

55 Points Posted on 31 March 2020
If i sale at 18% gst then i have a loss of 6% because i have purchase this stock at 12 % gst
Reply
On 31 March 2020 at 22:03
User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 31 March 2020
Dear.,

How is loss the Tax amount...?
Reply
On 31 March 2020 at 22:08
User Avatar

55 Points Posted on 31 March 2020
Yes tax amount loss. if sell price is same then extra 6% pay from pocket.
Reply
On 31 March 2020 at 22:19
User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 31 March 2020
How is You pay Taxes from Your pocket..?!

Are You can't collect tax from Customers (Consumers)...?
Reply
On 31 March 2020 at 22:23
User Avatar

1313 Points Posted on 31 March 2020
You should remit the Net tax(output tax-Input tax). Hence there is no loss from your pocket.
1 Reply
On 31 March 2020 at 23:16
User Avatar

Student
23693 Points Posted on 08 April 2020
There will be no loss of Tax Amount. Charge 18% GST on Mobile Phones w.e.f. 01.04.2020. You will be having 12% GST Amount in your E-Credit ledger, and only the balance 6% you have to pay using E-Cash Ledger which you have already collected from your customers. So I don't see any loss Sir.
Reply
On 08 April 2020 at 10:17
User Avatar

55 Points Posted on 08 April 2020
If phone selling price is not increase then
Reply
On 08 April 2020 at 10:56
User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 08 April 2020
Are You change Your selling price with less than purchasing price...?

Think about Your purchase with Sales which way You get loss / Shortage...!

Any of the sale price You collect tax from Customers. Then which way You feel fall into loss or pay through Your pocket...
Reply
On 08 April 2020 at 10:59
User Avatar

Chartered Accountant
12739 Points Posted on 08 April 2020

GST is indirect tax and burden of tax is transferred to customers 

and sale after date of change in rate is taxable @ 18% 

Reply
On 08 April 2020 at 11:05

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Foreign remittance
  2. Affordable Residential Flats in Gurgaon
  3. Manufacturing
  4. TAN REGISTRATION ON E-FILLING SITE
  5. Form 10-IEA – Continuing Old Regime
  6. Income tax act 2026
  7. Belated Return where Form 10IEA filed this year to
  8. GST Reconciliation Tool (2A vs Books) - looking fo
  9. TDS ON PF FORM 19 WITHDRAWAL
  10. Can a virtual office in Mumbai be used for company

More recent discussions | Post

Related Topics :

Loading