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GST :- Tax Rate change from VAT 6.05% to GST 5% ????

Rate / HSN codes 352 views 3 replies

Ankur

Advocate

23 Points Joined May 2016

If closing Stock of VAT 6.05% on 30/06/2017 then tax rate change after GST Applicability to 5%.

In this case shall we reverse 1.05% tax (VAT 6.05- 5% GST) VAT and GST difference.

reverse claimed ITC on 6.05% or not.

Replies (3)

Preeti (Team_GSTSoln)

Team GST Experts

1926 Points Joined April 2011

no need to reverse any vat % . just carry forward the vat amount in vat return & take credit as SGST in gst by filling trans- form

Any written rule for not for this clarification reverse VAT and GST tax difference. Can you please share any rule file or section for clearance. But when VAT rate Change from 4.5% to 2.2% in 2013/2014 on some items. Then at the time of case assessment Officer Reverse the Closing Stock amount and reverse the VAT Difference in Assessment of Sales Tax.